Morningstar | SCA Property Focus on Convenience Focus Delivers a Resilient Result. FVE Unchanged at AUD 2.30
Shopping Centres Australasia, or SCA, Property Group owns a portfolio of 85 smaller shopping centres, overwhelmingly anchored by Woolworths businesses, which make up roughly two thirds of rental income. Assets are predominantly in suburban fringe and regional areas of Australia, and comprise neighbourhood (75% by value) and subregional (25%) shopping centres. The portfolio is quite young, which means many of the anchor tenants are some way from hitting the sales hurdles for them to commence paying more lucrative turnover-based rent. Rents for specialty tenants appear well below market rates, but market reviews will see this gap narrow over the longer term, which will be a key revenue growth catalyst.Shopping Centres Australasia Property Group is an internally managed real estate investment trust. Co. is comprised of Shopping Centres Australasia Property Group Re Limited, the responsible entity to the Shopping Centres Australasia Property Management Trust and Shopping Centres Australasia Property Retail Trust. The units of each Trust are stapled together to form a stapled listed vehicle. Co. owns and manages a portfolio of sub-regional and neighbourhood shopping centres and freestanding retail assets. Co.'s portfolio is focused on convenience retailing. As of June 30 2016, Co. had a total of 83 operating properties, including 69 in Australia and 14 in New Zealand.
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