Westfield appointed manager of Carindale Shopping Centre
05 October 1999
The Westfield Group was today appointed manager of the CarindaleShopping Centre in Brisbane.
The Centre is 108,852m2, including a 9,805m2 home and leisurecentre. The Centre was built in 1979 and has recently beenextended.
The Centre is anchored by Myer, David Jones, Target, Big W,Woolworths, Franklins Fresh, Birch Carroll & Coyle Cinemas andHarvey Norman. It includes 253 specialty stores and parking for5,200 cars.
Carindale was recently valued at $447m at a yield of 7.5%. Thecentre has completed a major redevelopment and is in the process ofstabilisation over the next 2 to 3 years.
It is proposed that the Trustee of the Suncorp Property Trust(SNP), upon request by unit holders, will redeem between 25 to 50%of the SNP units.
In order to fund the redemption, the Westfield Trust will beallotted new units in SNP. The allotment to Westfield Trustrequires the approval of SNP unit holders at a meeting expected tobe held in November 1999.
The consequence of the transaction is that Westfield Trust willpay and SNP unit holders will end up receiving the equivalent of$2.63 per unit. This will result in Westfield Trust paying between$46m – $92m in total for the units.
Centre management, by Westfield Group, will commenceimmediately. Westfield Management will become the Trust Manager ofSNP on completion