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.