Region Group (ASX: $RGN) recent update

Region Group (ASX: $RGN) has provided an update on its recent transactional activity and property valuations as at 30 June 2024. The company acquired Cooleman Court, a convenience based centre in Canberra, for $74.0m and disposed of Riverside Plaza in Tasmania for $14.0m. Additionally, it has contracted to dispose of Soda Factory in Brisbane for $42.0m in August 2024. The total value of RGN's investment convenience based retail properties has increased by $38.8m, from $4,283.2m at 31 December 2023 to $4,322.0m as at 30 June 2024.

Executive Commentary on Recent Activities

The acquisitions and divestments align with our strategy to optimize our property portfolio and enhance shareholder value. Cooleman Court's acquisition strengthens our presence in Canberra, while the divestment of Riverside Plaza and Soda Factory reflects our commitment to the capital recycling program. The increase in property valuations underscores the quality and performance of our retail properties. We remain focused on maintaining a balanced gearing range and expect NTA to remain consistent assuming no other balance sheet movements.

Summary of Region Group's Update

Region Group (ASX: $RGN) has strategically acquired Cooleman Court in Canberra and divested Riverside Plaza in Tasmania and contracted to dispose of Soda Factory in Brisbane. The company's investment convenience based retail properties have seen a $38.8m increase in valuation, reflecting the positive impact of these transactions. The acquisitions and divestments are in line with the company's strategy to optimize its property portfolio and enhance shareholder value. Region Group remains committed to maintaining a balanced gearing range and expects NTA to remain consistent, assuming no other balance sheet movements.