SCP - Shopping Centres Australasia Property Group. Only listed 26 November last year at $1.40. Seems very in demand for some reason.
Well it's an A-REIT. It's entire purpose is to pay commercial property rent as distributions. The float looks like it was for institutional investors and Woolworths share holders only who got the units at preferential prices. I imagine the units on offer at this early stage are still worth less than the Trusts' properties' book value. Look at their IPO document, all their properties are Woolworths shopping centres with more than 50% of the shops being Woolworths group shops and usually 100% occupancy. Great business if you can get into it. One thing I'm not sure of: Since an A-REIT is run by a Trust rather than a management team (like a regular company owned through securities) am I right in thinking the Trustees primarilly get paid through their Distributions per unit held, rather than through pre-Company Tax salaries with leftover profits eventually being dividends. So it is in the managers best interests to generate big Distributions. Or am I wrong on that? Probably.
