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SCA Property Acquires Queensland Shopping Centre

Whitsunday_Shopping_Centre-e1429055031501

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.

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Article originally posted at: https://theurbandeveloper.com/articles/sca-property-acquires-queensland-shopping-centre