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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

#Stockland #Retail