Much of the profit came from revaluation gains of the Trust’s property portfolio, and the sale of assets in the United States and New Zealand.
“After an extremely busy year we are very pleased with the Trust’s overall performance,” said MCW chief executive officer Steven Sewell. “At the start of the year we set ourselves several key goals and the team has successfully implemented these initiatives and delivered benefits to unit holders.”
Revaluations were carried out on 232 of the Trust’s 245 retail properties, excluding 13 properties that were under redevelopment. This resulted in a total revaluation uplift of $208.3 million for the year.
The Trust also disposed of a 50 per cent interest of 18 of its 19 assets in New Zealand, where it realised investment profits of $46.2 million.
In April, MCW acquired five shopping centres in Poland and two in Germany for a total of $A571 million.