SCA Property Group Limited (ASX:SCP) has revealed it now holds a 4.9 percent stake in Charter Hall Retail Trust (ASX:CQR).
The interest was acquired on-market over the last 5 weeks at an average price of $4.19 per unit.
CEO Anthony Mellowes has indicated the stake acquisition was considered an efficient and accretive way to redeploy SCA’s capital in the current environment.
The company has been redeploying proceeds from the $225 million sale of its New Zealand portfolio, which has also seen it acquire a number of additional assets across Australia.
SCA Property Group Limited Limited reported a net profit of $184.7 million at 30 June 2016.