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.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.