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SCA Property Group Offer of Stapled Units

Fund Category UnCategorised
Minimum Initial Investment $5,000
Expected Close Date CLOSED

SCA Property Group IPO - Purchase of Woolworths Group Shopping Centres

We are pleased to announce that 2020 DIRECTINVEST is able to bid, on behalf of clients, into the upcoming IPO of SCA Property Group. SCA Property Group is proposing to acquire from the Woolworths Group a portfolio of 69 Australian and New Zealand shopping centres valued at approximately A$1.4 billion.

SCA Property Group is undertaking an Offer of approximately 337 million Stapled Units to raise between $425 million and $506 million, at an Offer Price Range of between $1.26 to $1.50 per Stapled Unit (inclusive) representing a discount to NTA at allotment of 20%-25%. Depending on the final price the yield is expected to be in the range 6.9% - 8.3% (A$0.10 FY14 DPU).

SCA Property Group will offer Unitholders:

  • A geographically diverse portfolio of sub-regional and neighbourhood shopping centres and freestanding retail assets in Australia and New Zealand;
  • A tenancy mix with a bias toward tenants that trade in the more defensive non-discretionary segment of the retail market;
  • Long term leases to quality retail tenants providing a secure income stream to support regular distributions to investors;
  • Modern retail centres with an average age of 2.1 years which is expected to minimise SCA Property Group's near term capital expenditure obligations; and
  • An attractive distribution yield.

The Offer comprises:

  • A Woolworths Retail Shareholder Offer;
  • A Broker Firm Offer; and
  • A General Public Offer; and
  • An Institutional Offer.

 

Firm Bids

Please contact our office to register your firm bid.

Applicants will need to establish a portfolio account with Mason Stevens and bids will be formally accepted on receipt of a Mason Stevens account application and funds deposit no later than Friday 9 November 2012.

Mason Stevens offers a multi-asset multi-currency administration system that can provide you with an online reporting system to view daily valuations and a consolidated report. It has capabilities to hold and administer all your current investments in a single online portal at a market leading price. The annual administration fee on this account is 0.275% pa incl GST, along with a monthly account keeping fee of $13.75. 

 

Key Features
This is a summary only. You should read the Prospectus n full before deciding to invest.
Minimums

Minimum application of $5000 and thereafter in multiples of $500.

Issuer Shopping Centres Australasia Property Group RE Limited (“SCPRE”) (ABN: 47 158 809 851) as the responsible entity of Shopping Centres Australasia Property Management Trust and Shopping Centres Australasia Property Retail Trust
ASX Ticker Epected to trade as SCP
Distributions SCA Property Group intends to distribute approximately 85%-95% of Distributable Earnings each year. SCA Property Group forecasts a distribution of:
  • 5.6 cents per Stapled Unit for the shortened financial year ending 30 June 2013; and
  • 10.4 per Stapled Unit for the first full financial year ending 30 June 2014.

These distributions represent a forecast annualised distribution yield depending on the Final Price achieved under the Offer of:

  • between 6.8% p.a. and 8.1% p.a. for the shortened financial year ending 30 June 2013; and
  • between 6.9% and 8.3% for the first full financial year ending 30 June 2014
Distributions will be paid on a six monthly basis at the end of February and at the end
of August commencing August 2013.
 
Type of security A Stapled Unit in SCA Property Group comprising one unit in Shopping Centres Australasia Property Management Trust and one unit in Shopping Centres Australasia Property Retail Trust, stapled together (“Stapled Units”)


Risks

  • New standalone entity with no previous trading history
  • Concentration Risk with Woolworths Group accounting for 75% of the Portfolio’s total Gross Lettable Area (GLA) at listing and over 60% of Portfolio Fully Leased Gross Income over the Forecast Period.
  • Exposure to specialty tenants may be considered less secure than Woolworths due to their smaller size, greater exposure to the discretionary retail market and less diverse operations.
  • Rental guarantee for a period of two years will expire.
  • Completion of development portfolio which is entirely dependent on the Woolworths Group. 
  • Withdrawal of properties from the Portfolio if the transfer of title to such properties is not registered in time
  • Stamp duty exemption on transfer of all Properties has been sought but to the extent that an exemption is not obtained in New South Wales, or a condition of an exemption is not satisfied, then SCA Property Group may incur significant unexpected costs.
  • Valuations ascribed to each property will be influenced by a number of ongoing factors including:
    –– supply and demand for retail properties;
    –– general property market conditions; and
    –– the ability to attract and implement economically viable rental arrangements.
  • Property liquidity

 

Key Dates
Meeting of Woolworths Shareholders 22 November 2012
2020 DIRECTINVEST firm bids close 9 November 2012
SCA Property Group commences trading on ASX on a conditional and deferred settlement basis 26 November 2012
Settlement of Offer 10 December 2012
Allotment of Stapled Units 11 December 2012
Deferred settlement trading of Stapled Units on ASX 12 December 2012
Normal Trading of Stapled Units on ASX 19 December 2012

 

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FEE DISCLOSURE

The Mason Stevens Group will receive up to 1% placement fee. 2020 DIRECTINVEST is a subsidiary of Mason Stevens Group.

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