The wholly-owned subsidiary of SLMC, has on Nov 6, divested its stake in Dalyellup Shopping Centre in Western Australia to an independent third party for a gross sale consideration of A$35.8 million.
Following this, the total appraised value of Metro’s Australia portfolio with Sim Lian will be approximately A$1,361 million, consisting of 17 quality freehold properties (comprising 5 office buildings and 12 retail centres) with a total NLA of 169,811 square metres spanning New South Wales, Victoria, Queensland and Western Australia.
The estimated net sale proceeds from the divestment is approximately A$16.0 million, and Metro’s 30% share of the net sale proceeds is approximately A$4.8 million, or $4.1 million.
SLMC says that the divestment is in line with its portfolio reconstitution and capital recycling for the portfolio under its management. SLMC will deploy net sale proceeds for general corporate purposes including repayment of bank borrowings and return of capital to shareholders.
Shares in Metro closed 1.5 cents higher or 2.804% up at 55 cents on Nov 6.
