Shopping centre owner SCA Property Group has acquired the Whitsunday Shopping Centre in Airlie Beach, Queensland, for $46.98 million.
The ASX-listed Woolworth's spin-off acquired the property from private investor group Pitt Securities.
The centre is located 1.2km from the tourist precinct of Airlie Beach and is anchored by a Coles supermarket, Target Country, and 46 speciality retailers.
The purchase price of $46.98 million represents a fully leased yield of 8.50% and a passing yield of 7.25%.
The vendor has provided a 2-year rental guarantee.
A deposit of $2.35m has been paid, with the balance of the purchase price payable at completion on Friday, 17 April 2015.
[urbanRelatedPost][/urbanRelatedPost]The acquisition will be funded by using existing cash and debt facilities.
SCA also announced it has priced a six-year $175 million Medium Term Note that will pay a fixed rate of 3.775% per annum until maturity in April 2021.
The proceeds of the notes will be used to repay bank debt, and to fund further acquisitions.