This article is from the Australian Property Journal archive
NEW acquisitions have bolstered SCA Property Group’s portfolio, which recorded a $65.9 million increase in December.
The total value of investment properties at December 2017 was $2,430.5 million, bolstered by new acquisitions totalling $31.1 million Sugarworld shopping centre in Cairns QLD (acquired for $24.8 million), Belmont Bowling Club located above the Belmont Central centre in NSW (acquired for $4.8 million) and the Shell Cove Town Centre development asset in NSW (land acquired for $1.5 million).
Like-for-like properties valuation increased by $34.8 million during the period comprising a $15.3m increase in the valuation of Kwinana (to $145.0 million), after having invested development capex of $5.0m during the period; a $7.0 million increase in the valuation of Bushland Beach (to $19.8 million), after having invested development capex of $7.0m during the period; and $12.5 million increase for the remaining properties, primarily due to the valuation net operating income increasing by 0.9%.
The total portfolio’s weighted average capitalisation rate remained at 6.47% as at December 2017 (6.47% at June 2017).
Australian Property Journal
