By Aimee Chanthadavong
SCA Property Group has purchased a portfolio of Tasmanian neighbourhood shopping centres from a private investor for $145.7 million as part of its strategy to invest into larger higher growth assets.
The portfolio comprises of seven quality neighbourhood shopping centres, which are all located in strong catchment areas and anchored by Coles or Woolworths supermarkets.
“The acquisition will enhance SCP’s portfolio quality and income growth profile, and improve the diversification of the portfolio both geographically and by tenant composition, with an additional three Wesfarmers anchored shopping centres included in the portfolio,” SCA Property Group CEO Anthony Mellowes said.
“This will diversify SCP’s portfolio geographically into the Tasmanian market, which demonstrates defensive characteristics as a core market for the major supermarket operators.”
Forming part of the portfolio includes Claremont Plaza, which currently undergoing expansion and due for completion in October 2014; Sorrell Plaza; Kingston Plaza; Greenpoint Plaza; Shoreline Plaza; Newtown Plaza; and Riverside Shopping Centre.