Little Scentre Can Do About a Cash-Strapped Consumer; FVE Declines to AUD 3.85
Consistent with most listed Australian REITs, Scentre Group recorded weak sales for the year to end September. Comparable sales across the stabilised assets in the portfolio were up just 0.7%, with sales for the high-rent-paying specialty category up 0.9% and major tenant sales declining 1.0%. Mini-major tenancies trading in spaces over 400 square meters posted growth of 2.3%, but we suspect this is a double-edged sword, as much of the growth is attributable to low-rent-paying international appa...Scentre Group is engaged in the ownership, development, design, construction, asset management, leasing and marketing activities with respect to its Australian and New Zealand portfolio of retail properties. Co.'s operational segment comprises the property investments and property and project management segments. The property investments segment includes existing shopping centers and completed developments. The property and project management segment includes property management and development. As of Dec 31 2015, Co. had a portfolio of 34 centers in Australia and six centers in New Zealand.
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