360 Capital Group sells Subiaco shopping centre for $38.4M

Company News

by David Chau

360 Capital Group (ASX:TGP) has announced that the Subiaco Square Shopping Centre, in Perth, has been sold for $38.4 million.

The Group confirmed that unconditional contracts were exchanged between a private investor and the Trust, which owns the shopping centre.

360 Capital says the sale price equated to an initial yield of 6% and is at a 20% premium to the last external valuation.

The Trust will be wound up in December, and the Group expects to receive around $9.5 million in cash for its almost 40% stake in the Trust.

360 Capital reported a net profit of $29.6 million at 30 June 2016.

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.