Aventus tips consolidation for big box retail
Homemaker centre owner Aventus’s chief executive Darren Holland has forecast a fresh wave of consolidation in the large format retail centre sector, but the group is expected to stay on the sidelines after finalising a year of acquisitions.
The Brett Blundy backed trust recorded $51 million net profit for 2016, its first full year result since it listed in 2015, while revenue for the year came in at $77.6m. The trust’s funds from operations — a key performance measure for real estate investment trusts — was $41m or 11.7c per unit, which the company said was 4.5 per cent higher than the target set out in the prospectus.
The Aventus board approved a full year distribution of 10.3c per unit, which represented a 90 per cent payout ratio of its FFO.