SCA Property Group enters agreement to buy ten shopping centres

Company News

by Rachael Jones

SCA Property Group (ASX:SCP) has entered into an agreement to acquire ten convenience based shopping centres across Australia for a combined purchase price of $573 million.

The purchase price reflects an initial yield of 7.47 per cent on a fully let basis including the rental guarantee and 7.24 per cent excluding the rental guarantee.

If this goes through SCP will own and manage more than $3.1 billion of convenience-based shopping centres making it the largest convenience-based retail specialist in Australia.

Shares in SCA Property Group (ASX:SCP) closed 1.25 per cent lower to $2.37 yesterday.