This article is from the Australian Property Journal archive
FEDERATION Centres has revalued its portfolio and recorded an increase of 5.6% or $231.3 million on its directly owned investments over the full year to 30 June 2014.
FDC independently valued 30 of 63 properties, 39.4% by value, while the remaining properties were subject to directors’ valuations.
Managing director and CEO Steven Sewell said strong investor demand for sub-regional and neighbourhood assets has seen cap rate compression continue, reflecting the growing confidence of investors in the resilience and underlying strength of these asset classes.
At the same time, FDC has sold the Springwood sub-regional shopping centre in Queensland for $53.25 million to the Taiwanese Wen family, reflecting a 10.9% premium to the December 2013 book valuation
“This Springwood divestment should be seen as part of the repositioning of the portfolio to ensure we have the right assets to fit into our overall $1 billion redevelopment investment strategy, and that those assets are complementary to our ongoing acquisitions through the Retail Direct Property syndicates,” Sewell said.
Property Review
