SCA Property Buys 4.9% of Charter Hall Retail And Pushes Up Gearing and Guidance
SCA Property has used the remaining capital from the AUD 255 million sale of its 14 New Zealand centres to buy 4.9% of Charter Hall Retail for AUD 83.4 million. The stake in Charter Hall plus the foreshadowed purchase of five neighbourhood malls for AUD 144 million, and the recent AUD 25.5 million purchase of Lillybrook Village equals the proceeds of the New Zealand sale. After temporarily falling to 25%, gearing rebounds to 34%, around the middle of SCA’s 30% to 40% target range. The use of deb...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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