Centuria divests $180m retail portfolio to SCA
Centuria Capital Group’s subsidiary, Primewest, has announced a divestment of five neighbourhood shopping centres on behalf of its two unlisted wholesale funds, to SCA Property Group, for $180 million, representing a 24.1% premium to book value.
In the announcement made to the Australian Securities Exchange (ASX), the group said the divestments would generate a $5.7 million performance fee and provide “an exceptional result of both funds’ unitholders”, delivering double digital internal rates of return (IRR).
The divested assets included:
- Fairview Green Shopping Centre, South Australia ($39.5 million)
- Dernancourt Shopping Centre, South Australia ($46 million)
- Brassall Shopping Centre, Queensland ($46.5 million)
- Port Village Shopping Centre, Queensland ($36 million)
- Tyne Square Shopping Centre, Western Australia ($12 million)
SCA Property Group said the acquisitions were expected to settle in early July, 2022, and following the acquisitions, the company would own and manage more than $4.6 billion of convenience-based shopping centres across Australia.
Centuria’s joint chief executive, Jason Huljich, said: “These daily retail neighbourhood shopping centres have proved resilient throughout the past few years as local communities continued to rely on the supermarket anchored centres for their non-discretionary shopping. Both funds have been held for long-term periods and the sales provide compelling returns for our investors.”
So it's not just Asteron clients that TAL has been delivering lousy service to.
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