Woolworths to create $1.4B property group

Woolworths has announced a proposal to create Shopping Centres nAustralasia Property Group (SCA Property Group), a newly established nReal Estate Investment Trust (REIT) owning a portfolio of quality nAustralian and New Zealand shopping centres.

nn Woolworths will transfer its current ownership of 69 neighbourhood, nsub-regional and freestanding shopping centres to SCA Group. The nportfolio, which have been independently valued by Cushman & nWakefield, Colliers International New Zealand Limited and Savills nAustralia, is worth $1.4 billion. All but one of the properties have nbeen developed or redeveloped by Woolworths and a Woolworths Group nbusiness is the anchor tenant for each property. Retail Biz – Read More.
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