Federation Centres sells four properties

centresProperty group, Federation Centres, has agreed to sell four properties located in regional Australia for $153.1 million.

Two of the properties, the sub regional centre, Goulburn Plaza, in NSW and convenience centre, Katherine Oasis, in the Northern territory, were sold to Charter Hall for $94.9 million, representing a 12.3 per cent premium to the combined book value.

Westside Plaza in Broken Hill, NSW was sold for $33.7 million, representing a 6.4 increase on book value, to Sentinel Property Group.

Sub regional centre, Mount Gambier Central, in South Australia has been sold to a private investor for $24.5 million, representing a 15.5 per cent discount on book value. This sale is expected to settle in November 2015, subject to execution of certain lease contracts.

Representing an overall premium to book value of 2.4 per cent, the deals follow on from the $65 million sale of Queensland shopping centre Lutwyche City to Abacus Property Group and Zenonos Group, announced earlier this month.

“Together with the recent sale of Lutwyche City, we have announced around $220 million in asset sales this month,” said Federation Centres CEO, Angus McNaughton. “These sales demonstrate the progress our team is making with the ongoing portfolio enhancement program through a combination of refurbishment, redevelopment and selective capital transactions.”

McNaughton, former MD and CEO of Novion Property Group, was appointed CEO of Federation Centres, replacing outgoing CEO, Steven Sewell, earlier this month. Federation Centres and Novion Property merged in June this year, to create a $22 billion entity. McNaughton is now tasked with the full implementation of the merger.

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