This is inclusive of long-term property management, brand, and development rights.Booragoon was wholly owned by the AMP Capital Diversified Property Fund, which will now become Scentre’s 50% joint venture partner.Scentre Group’s CEO, Peter Allen, said: “We are excited to expand our operating business by adding the rebranded Westfield Booragoon to our leading Living Centre portfolio. Scentre Group (ASX: SCG) today announced it has acquired a 50% interest in Garden City Booragoon, Perth for $570 million, inclusive of long-term property management, brand and development rights. Corporate Affairs/Media
This announcement has been authorised for release by Peter Allen, Chief Executive Officer. Booragoon's current income has been impacted by preparations for the previous redevelopment plans. Outside of reading and researching he spends many a late night watching the English Premier League and Seinfeld reruns.© 2009 - 2020 The Motley Fool Australia Pty Ltd. All rights reserved.ACN: 146 988 052 | Australian Financial Services Licence (AFSL): 400691
SCENTRE GROUP EXPANDS ITS WESTFIELD PORTFOLIO THROUGH THE ACQUISITION After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more. Booragoon was 100% owned by AMP Capital Diversified Property Fund, who will now become Scentre Group's 50% joint venture … SCENTRE GROUP LIMITED ABN 66 001 671 496
Scentre Group (ASX: SCG) today announced it has acquired a 50% interest in Garden City Booragoon, Perth for $570 million, inclusive of long-term property management, brand and development rights. "Opportunities to purchase the best assets like Booragoon are rare. The acquisition price represents a stabilised economic yield of approximately 5.5%. Scentre Group Limited is a shopping centre company with retail destinations operating under the Westfield brand in Australia and New Zealand.
Find the investing style that's right for you. The Motley Fool Australia operates under AFSL 400691. The shopping centre-focused property group’s shares are up almost 1% to $3.88 at the time of writing.Investors have been buying the company’s shares today after it announced the acquisition of a 50% interest in Garden City Booragoon, Perth for $570 million. Booragoon was wholly owned by the AMP Capital Diversified Property Fund, which will now become Scentre’s 50% joint venture partner. A significant change in Scentre Group's Perth portfolio means it will defer the expansion of Westfield Stirling. Scentre Group’s CEO, Peter Allen, said: “We are excited to expand our operating business by adding the rebranded Westfield Booragoon to our leading Living Centre portfolio. End-of-day quote Australian Stock Exchange - 09/03 After studying economics at university back home in the United Kingdom, James came to live in Australia and managed to land a job at an Australian fund manager. Westfield Booragoon's trade area is very strong, with total annual retail expenditure per capita 19% above the Perth average.
Scentre Group reconfirms its forecast Funds from Operations (FFO) growth per security, for the full year 2019, of 0.7% and distribution of 22.60c per security. Scentre Group, Westfield, Retail, Shopping, Centre, Brands, Retailers, Customers, Shop, Opening, Store, Launch, Leasing, … ABN 55 191 750 378 ARSN 090 849 746 Westfield Booragoon is one of Perth's 'major activity centres' and presents significant redevelopment opportunities.
Scentre Design & Construction (08) 9449 6300 1/ 175 Davy Street, Booragoon WA 6154
This acquisition follows the transactions we executed earlier in the year which released $2.1 billion of capital allowing us to pursue strategic and long-term value creating opportunities such as this one today.”Westfield Booragoon is located approximately 13.5 kilometres south-west of the Perth CBD in a trade area with a population of more than 500,000.Its trade area is very strong, with total annual retail expenditure per capita 19% above the Perth average.
The policy allows for retention to fund capital expenditure requirements as determined from time to time by the Scentre Group Board, and is here . So if you’re looking to get your finances on track and you’re in or near retirement – we’ve got you covered! The centre includes Myer, David Jones, Kmart, Coles, Woolworths, Hoyts Cinemas and more than 160 specialty stores including Apple, Zara and JB Hi Fi. "As a result of this significant change to our Perth portfolio, as well as Booragoon's future development opportunities, we have decided to defer the expansion of Westfield Stirling. This acquisition follows the transactions we executed earlier in the year which released $2.1 billion of capital allowing us to pursue strategic and long-term value creating opportunities such as this one today." The Group intends to retain its ownership of Stirling in order to maximise its performance and preserve the development opportunity in the longer term."
The current passing yield is approximately 4.7% with the immediate focus on improving income back to its full potential. The trade area is comparable to our Bondi, Miranda and Doncaster centres.
Mr Allen said. The corporation undertakes ownership, development, design, construction, funds/asset management, property management, leasing, and marketing activities for its centres. Each company boasts strong growth prospects over the next 3 to 5 years, and most importantly each pays a generous (and fully franked) dividend!