SCA Property Group
(ASX:SCP) has agreed to buy three shopping centres in Tasmania and also purchased Mount Warren Park in Queensland for a combined total of $99.4 million.
The purchase will be funded from a fully underwritten institutional placement of $50 million.
The deal will be earnings neutral for this financial year and 2 per cent accretive for 2016.
SCP has upgraded its current distribution guidance from 12.6 cents per unit to 12.8 cents per unit and will provide 2016 financial year guidance at the same time as 2015 results.
SCP says it also expects existing property valuations to increase by $40 million to June 2015.
SCA Property Group reported a net profit of $98.2 million for the first half of the 2015 financial year.
