Scentre Skews to Moaty Malls, but FVE Unchanged
We make no changes to our AUD 3.85 fair value estimate for Scentre Group following the company's disposal of office towers in the Sydney central business district. The AUD 1.52 billion transaction, by way of a 299-year lease, further skews the firm's property portfolio towards its retail malls. For this reason, the transaction makes sense. We believe Scentre's large-format malls enjoy sustainable competitive advantages from efficient scale, underpinning the firm's narrow economic moat. Last trad...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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