MCS gets direct to the point
MCS Property has bought a $20 million New South Wales shopping centre for its next direct property investment, which will be launched in mid-May.
The shopping centre at Penrith was bought on a yield of 10.8 per cent. It is anchored by Woolworths, Franklins and BBC Hardware.
MCS chief executive Julius Colman says this latest purchase will join two other recent retail acquisitions at Alice Springs and the Hunter Valley in New South Wales.
"We are looking at a couple of further acquisitions, but they may not be completed in time for this prospectus launch in about three weeks," he says.
Colman says the demand for direct property investments is strong, but the properties must be good quality.
"The obligation on managers like MCS is to exercise even more patience, skill and caution in sorting out those properties that are suitable for long-term investment and ownership," he says.
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