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Shopping Centres Australasia Property Group owns a portfolio of smaller shopping centres, the majority anchored by Woolworths or Coles businesses, making up about half of rental income. Assets are predominantly in regional areas of Australia and comprise neighbourhood (about 75% by value) and subregional (25%) shopping centres. Upside to earnings in the long term could largely come from the resetting of legacy specialty leases to prevailing market rates, and anchor tenants hitting turnover sales milestones that link rent to turnover. Risks include a slowdown in population growth in the group's less-established catchment areas, or the e-commerce trend witnessed in consumer discretionary categories expanding to staple items.
Sydney, NSW, 2000, Australia