Scentre Group announced about dividend

Scentre Group - Kalkine Media

Declared Dividend: Scentre Group’s (ASX:SCG) stock rose 1.72% on August 09, 2018 (before market close) after the company announced about dividend amount of A$0.11080000, to be paid on 31 August 2018 to the investors of record 15 August 2018. On the other hand, SCG has recently acquired 50% interest in Westfield Eastgardens in Sydney’s southeastern suburbs for total consideration of $720 million, from the Terrace Tower Group. This transaction was in the top five largest single-asset retail transactions to occur in Australia, as per the property firm JLL. Westfield Eastgardens is considered to be one of the top 30 shopping centres in Australia with total retail sales of more than $600 million.

Therefore, Westfield Eastgardens provides significant redevelopment potential for both retail expansion and mixed?use development on the back of its location within an area that is undergoing substantial renewal. Moreover, the planning authorities considers Westfield Eastgardens as one of Sydney’s ‘strategic centres’ with a trade area that has strong projection of population growth and investment in infrastructure including increased public transport. Further, the centre offers redevelopment opportunities including the introduction of local and international fashion retailers and expansion of the dining, entertainment and lifestyle offering. In addition, Westfield Eastgardens can create value through mixed?use development including commercial, accommodation and education facilities. Meanwhile, SCG stock has risen 5.61% in three months as on August 08, 2018  and is trading at a P/E of 5.43x.

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