We began our journey as SCA Property Group (SCP), originally formed by Woolworths, to act as the landlord and manage 56 convenience-based retail properties valued at $1.4 billion, in growing neighbourhood and regional areas.
Woolworths transferred its ownership to SCP, which was then listed on the ASX as a separate-independent real estate investment trust in December 2012.
We acquired 7 mature neighbourhood centres, growing our portfolio to 72 shopping centres valued at $1.5 billion (includes New Zealand).
SCA Property Group launched its first retail fund, SCA Unlisted Fund No. 1 (“SURF 1”). Launched first retail fund “SURF 1” in July 2015. SURF 1 comprised of five non-core assets acquired from SCP for $60.9 million.
On 10 June 2016, we sold our portfolio of 14 shopping centres in New Zealand to Stride Property Group (NZX:STR). The sale was consistent with our strategy of divesting free-standing assets, and focusing on our Australian portfolio, which has a generally has a higher growth outlook.
We acquired a portfolio of 10 convenience-based shopping centres from Vicinity, located in NSW, QLD, VIC and WA, for $573.0 million (7.5% implied fully let yield).
During the latter part of the year, we also implemented a brand refresh.
It has been 10 years since we have listed and, in this time, our portfolio has grown to 91 convenience-based shopping centres valued at $4.46 billion*.
SCA Metro Fund joint venture with GIC successfully launched in April 2022 with a $284.5 million seed portfolio and acquired Beecroft in July 2022.
To support our vision and growth ambitions, we embarked on a name change and complete rebrand, which was revealed at our AGM on 23 November 2022. From 24 November 2022, we are now Region Group (ASX:RGN).
*As at 30 June 2022