SCA Property Buys AUD 573 million of Vicinity’s Noncore Malls. FVE Unchanged at AUD 2.30
Shopping Centres Australasia Property Group, or SCA Property, is acquiring 10 shopping malls from Vicinity Centres for AUD 573 million. The malls are 98% occupied and generate a yield of 7.24%, but the yield will be temporarily propped up to approximately 7.47% as the vendor is providing a two-year rental guarantee, capped at AUD 8 million. SCA Property has guided for the annualised pro forma uplift to fiscal 2019 funds from operations, or FFO, to exceed 5% from the transaction. Accordingly, FFO...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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