Stockland Divests 2 Regional Assets
Stockland has sold 2 shopping centres in Bathurst and Caloundra for a combined $113.1 million at a 5% discounts to their book value, highlighting the challenges ahead for regional retail assets.
The Bathurst Centre was acquired by Moelis for approx $92M on a 7.25% yield. The 19,446sqm Centre comprises a Woolworths, Big W and 41 specialty stores. The Centre competes with the Bathurst City Shopping Centre across the road which Vicinity sold to QIC in October 2017 for approx $70M on a 6.5% yield.
The Caloundra Centre, a neighbourhood shopping centre anchored by Woolworths and five specialty stores – opposite Stockland Caloundra Shopping Centre – was acquired separately by another investment group for approx $20.7M on a 5.5% yield.
Location Map: Bathurst
Location Map: Colundra South