SCENTRE GROUP ANNOUNCES SALE OF CASEY CENTRAL
8 December 2016
Scentre Group today announced the sale of Casey Central in Victoria, with proceeds of $221 million.
Casey Central has been sold to M&G Real Estate Asia with completion of the transaction due in the first quarter of 2017.
The sale of Casey Central reflects a core capitalisation rate of 5.25% and a premium to book value.
Scentre Group acquired its initial interest in the centre in 2006. In March 2016 the Group transformed the centre with a $155 million redevelopment which saw it become the key neighbourhood retail destination in Melbourne’s south-eastern growth corridor, with the completed centre featuring 98 retailers including Coles, and a new Target, Aldi and Woolworths.
For more information contact Scentre Group Corporate Affairs:
Julia Clarke +61 2 9358 7426