Westfield spin-off Scentre Group will today unveil a series of shopping centre deals after it agreed to divest three malls to private equity giant Blackstone for a collective $630 million.
DataRoom can reveal that Scentre has made two separate agreements with Challenger — one to buy Perth’s Innaloo Cinema Centre for $48m and another to sell its Sydney North Rocks Shopping Centre to the financial services group for $135m in deals struck through broker JLL.
It comes as Scentre’s four New Zealand malls worth $NZ760m remain on offer.
Meanwhile, analysts at Macquarie Capital have ascribed a valuation range of between $713m and $878m for Brett Blundy’s real estate float Aventus Property.
The Macquarie research stipulates that the group’s 14 retail properties are valued at $905.7m and are 97 per cent occupied with a weighted average leasing expiry of 4.2 years.
The weighted average cap rate is 8 per cent and the company’s debt level sits at 28.5 per cent.
Aventus counts Harvey Norman as its largest anchor tenant and its strategy is to deliver regular quarterly distributions from portfolio income, underpinned by fixed consumer price index increases.
The investment bank’s net asset based valuation range for Aventus ranges from $622m to $663m while its discounted cash float range is $716m-$903m.