This article is from the Australian Property Journal archive
AVENTUS Group has continued to take advantage of the strong performance of large format and convenience retailing since the pandemic outbreak, offloading one its smaller centres at a 55% premium to book value.
The Good Guys-anchored MacGregor Home in Brisbane’s south sold for $42.15 million to Sterling Capital, on a yield of 6%.
The 12,330 sqm mall was most recently valued at $27 million, making it the smallest in Aventus’s $2 billion portfolio.
Aventus acquired the centre in 2016 as part of a $219 million portfolio acquisition, and re-mixed and repositioned the centre to extend its weighted average lease expiry from 1.6 years at acquisition to 6.3 years.
Proceeds from the sale will initially be used to repay debt.
The group has commissioned independent valuations for the entire property portfolio for June 2021, as “recent market transactions indicate strong investor demand and value uplift in large format retail centres given their performance through COVID-19,” it said.
Aventus reaffirmed is full year funds from operations guidance of at least 19c per security.
