Macquarie CountryWide chief executive officer Steven Sewell is reported as saying he was surprised there was little bidding for the supermarkets, which were hoped to yield about $100 million for the asset-rich, cash-poor diversified investment house.
The group’s portfolio includes about 80 properties with a book value of $1.3 billion. It put 10 properties, with a book value of about $100 million, to the market earlier this year.
The two properties that did sell included the Coles-leased supermarket at Plympton in Adelaide’s west, which sold for $5.06 million on a yield of 6.6 per cent. This property had a book value of $5.3 million according to company reports.
Another supermarket in Georgetown, leased to Woolworths, sold for $3.75 million, reflecting a yield of 7.07 per cent. This supermarket sold for slightly more than its book value of $3.6 million.
Eight more properties, which include retail outlets in Queensland, New South Wales, Tasmania and Victoria were passed in without any bids.