SCA Property Group reveals stake in Charter Hall Retail Trust

Company News

by Jessica Ellerm

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. 

Jessica Ellerm

Finance News Network
Jessica joined FNN in April 2016 and presents the Australian Share Market Outlook, and reports on the morning's leading business stories. Alongside FNN Jessica is a fintech industry commentator, writing for her own blog and a number of international online publications.