Shopping Centres Australasia Property Group (ASX: SCP), also known as SCA Property Group, has two managed investment schemes by the name of Shopping Centres Australasia Property Retail Trust (Retail Trust) and Shopping Centres Australasia Property Management Trust.
Today, SCP has announced its results for 1H FY19 period ending 31 December 2018. Net profit after tax for SCP decreased by 43.5% to A$39.3 mn in Dec’18 from A$69.6 mn in Dec’17, and for Retail Trust it declined by 44.59% to A$38.4 mn in Dec’18 from A$69.3 mn in Dec’17.
SCA property group has been actively involved in managing and investments in shopping centres portfolio. It consists of 85 shopping centres which are valued at A$3,153.1 mn. It also holds 11 SURF properties which are valued at $185.8 mn for three unlisted retail segments.
It made 12 property acquisitions which were worth A$677.9 mn during 1H19 including ten convenience based shopping centres from Vicinity (ASX: VCX) at a purchase price of A$573 mn. These properties were Sturt Mall, Lavington Square, West End Plaza in NSW; Warnbro in WA; Bentons Square and The Gateway in VIC; North Shore Village, Oxenford Village in QLD; Kalamunda Central, Stirlings Central in WA; Miami One in QLD; Currambine Central in WA. The group issued an institutional placement of its 113.1 million shares at A$2.32 per share on October 10, 2018, and a purchase plan of 47.9 mn shares at A$2.32 per share on November 23, 2018.
In the past, the group acquired Bushland Beach Plaza (QLD) and entered into an agreement for the development of neighbourhood shopping centre under Coles Supermarket, which completed in July 2018. Another development property was acquired in December 2017 which was known as Shell Cove Town Centre (NSW), whose development got completed in October 2018.
The property valuation increased to A$3,153.1 mn on December 31, 2018 from A$2,453.8 mn on June 30, 2018, credit to the acquisitions made recently. Its property’s weighted average capitalization rate increased to 6.43% on December 31, 2018 from 6.33% on June 30, 2018.
It is reported that the group sold four of its properties in July 2018 which were Moama Marketplace (NSW), Swansea Woolworths (NSW), Woodford Woolworths (QLD), and Warrnambool Target (VIC) to SCA unlisted Retail Fund 3 for A$57.9 mn. In addition to it, an adjacent lot at Highett Shopping Centre was disposed-off for A$2.4 mn in November 2018.
Other than issues made for Vicinity portfolio acquisition, the group also declared DRP (distribution reinvestment plan) in June 2018 to raise A$9.2 mn via issue of 3.7 mn shares at A$2.46 in August 2018, and in December 2018 to raise A$26.6 mn via issue of 10.6 mn shares at A$2.51 in January 2019. In debt portfolio, the group issued unsecured notes (Baa1 rated by Moody) to US private investors in September 2018 with the face value of US$150 mn. These notes have a maturity value of US$30 mn with 10 years maturity, US$70 mn with 13 yrs maturity, and US$50 mn with 15 yrs maturity.
On Stock Information, Shopping Centres Australasia Property Group last traded at A$2.50 (up 1.215% as on February 5th, 2019) with the market capitalization of circa A$2.29 bn. Its 52 weeks high has been noted as A$2.740 and 52 weeks low at A$2.155.
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