Steering clear of Scentre Group

Scentre Group’s share price has increased around 10% since listing a couple of months ago after Westfield decided to split its domestic and overseas shopping centres. That’s a nice return for such a staid business that currently offers a 5.8% forecast yield, yet we’re not tempted.The company has reiterated second half guidance (Scentre has a calendar year end) for a 10.2-cent distribution. Chief executive Peter Allen said ‘The Australian business and platform has proved highly resilient, and the high quality portfolio has delivered excellent sales productivity, almost full occupancy and continued growth in average rents and comparable net property income’.While...

Scentre Group’s share price has increased around 10% since listing a couple of months ago after Westfield decided to split its domestic and overseas shopping centres. That’s a nice return for such a staid business that currently offers a 5.8% forecast yield, yet we’re not tempted.

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