Good Guys-anchored centre gets great price

AVENTUS has offloaded the MacGregor Home shopping centre in Brisbane to Stirling Property for $42.15 million, at a $15 million or 56% premium.

The Good Guys-anchored the shopping centre sits 13km south from Brisbane’s CBD and was initially acquired by the ASX-listed Aventus Group in 2016.

The sale was initially reported in May, at a 55% premium to book value, with the 12,330sqm centre recently valued at $27 million, making it the smallest in Aventus’s $2 billion portfolio.

“The sale of this centre is a strong outcome for the group after successfully repositioning the asset since acquiring it in 2016. The proceeds of the sale will initially be used to pay debt,” said Darren Holland, CEO of Aventus Group.

The sale follows Aventus’ successful move to reposition and re-mix the centre, as well as extending its weighted average lease expiry from 1.5 years at acquisition, to 6.2 years at 30 June 2021.

“The sale reflects the strong investor demand for LFR assets off the back of the resilient performance of our retailers throughout the year,” added Holland.

The 56% premium is to the book value of the centre as at 31 December 2020 and a capitalisation rate of 6.0%.

Aventus Group recently reported its large format retail portfolio value has gaining $254, with it’s total portfolio valuation rising by approximately $550 million over the past four years.