The Hub Hornby Shopping Centre Lists On Share Market Opening Exciting New Opportunities For Investors

Today, for the first time, Shopping Centre Investments, Ltd (SCIL) lists its shares on the Unlisted Securities Exchange (USX). Available through sharebrokers, this opens exciting new opportunities for investors to buy and sell shares. Public information is available at: www.scil.co.nz

Shopping Centre Investments Chairman Michael Keyse says, “Today’s listing is the culmination of a 21-year journey. Since our acquisition in 2001, we’ve expanded and modernized the Hub Hornby Shopping Centre in order to become a true regional shopping destination – home to over 80 businesses including anchor tenants, Farmers and Pak N Save. We have wanted to do this for some time, but it was very important to us to ensure the Centre’s earthquake strengthening was completed to be 67% or more of the building code first. We reached this goal in February following a multimillion-dollar investment by Shopping Centre Investments with the work undertaken by Leighs Construction. We are proud to be a market leader with this achievement. Our listing will now give our shareholders a market for their shares.”

National Retail Director for Colliers (who manage the Centre), Evan Harris says, “With new tenants such as Cotton On Body, Cotton On Kids, and Starbucks coming on board in the last eight months, we’re thrilled to say we have grown to 98 percent occupancy. This is particularly impressive given the additional challenges of COVID-19 and the current economic environment. Though interest rates are rising, Shopping Centres with CPI and Turnover related rents have some insulation to rising cost pressures. For people wanting to invest in property, the beauty of buying shares in a shopping centre is the risk is lowered by having multiple tenancies compared to single properties with only one tenant.”

Including revaluations, the Profit before Tax for the 2022 year was $7.958million while net operating income grew by $410,000 to $5.9million. Quarterly dividends, paid during the year, had a gross payout of 5.25 cents per share. The Centre was valued at $129million.

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ABOUT SHOPPING CENTRE INVESTMENTS, LTD BOARD

The Board comprises Michael Keyse, former Chartered Accountants and Nexia partner, as Chairman; David Rankin, former Registered Valuer and Commercial Real Estate Principal, and independents: Chartered Accountant Sarah Ott and professional Director Nigel Atherfold who has experience in corporate finance, economics, and treasury risk.

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