This article is from the Australian Property Journal archive
MACQUARIE CountryWide Trust has sold the Seaford Plaza shopping centre in Adelaide to a syndicate managed by Perks Property Investments for $72 million.
The price reflects a yield of 7.1% and is a 4.1% discount to the trust’s book value.
Macquarie CountryWide’s chief executive Steven Sewell said all proceeds will be used to retire debt, reducing the trust’s gearing, on a debt to total assets basis, by approximately 0.6%.
“We believe prudent capital management is imperative in current market conditions.
“The Seaford sale reflects management’s strategy to dispose of selected assets, and use the proceeds from sales to retire head trust debt, reduce gearing and provide substantial funding capacity,” he continued.
Seaford Plaza is a 21,929 sqm sub-regional centre, anchored by Woolworths, Drakes Foodland supermarket, Big W and Cheap as Chips and features 58 specialty stores.
Built in 1991, the property was opened in June 2006 following a substantial redevelopment increasing from the original size of 10,599 sqm and 22 outlets.
Perks Property Investments was introduced by Savills. The transaction is scheduled to settle on October 01.
MCW shares closed 0.005 cent lower at 97 cents last Friday.
Australian Property Journal
