Stockland acquires Sugarland Shoppingtown, Bundaberg
Stockland has acquired a 50% stake in the Sugarland Shoppingtown in Bundaberg on the Central Coast of Queensland.
It was bought from an AMP Capital managed fund for $59.25 million. Sugarland has been acquired at a capitalisation rate of 7.5%.
The acquisition includes management, leasing and development rights. The transaction fills a gap in its Queensland retail footprint.
Stockland has also exchanged put and call contracts with a client of AMP Capital to buy its 50% stake in Sugarland at a later date on materially similar terms.
The binding put and call contracts may be exercised between 6 and 24 months after the initial 50% acquisition.
Sugarland Shoppingtown generates specialty sales of $9,566 per square metre as of July 2014, which is well above with the Urbis 2012/13 benchmark of $7,929 per square metre.
Sugarland is a 22,795 square metre sub-regional shopping centre that is anchored by Woolworths, Big W and JB HiFi, with four additional mini-majors and 64 speciality stores.
Stockland Managing chief executive Mark Steinert said its national retail portfolio will soon comprise 41 shopping centres.