Shopping Centres Australasia Property Group will commence a joint venture with the Government of Singapore Investment Corporation (GIC) with the intention of holding neighbourhood mall assets across Australia.

A seed investment of $284.5m worth of assets will be provided by Shopping Centres Australasia Property Group, with the fund targeting $750m, and will initially cause an annual -$14m income loss for the company. 

The Equal-weight rating and target price of $2.95 are retained. In-Line industry view.

Sector: Real Estate.

Target price is $2.95.Current Price is $2.78. Difference: $0.17 - (brackets indicate current price is over target). If SCP meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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