REGION GROUP — Capital/Financing Update 2017

Dec 12, 2017

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13 December 2017

ASX ANNOUNCEMENT

Level 5, 50 Pitt Street Sydney NSW 2000 Tel: (02) 8243 4900 Fax: (02) 8243 4999 www.scaproperty.com.au

SCA PROPERTY GROUP (ASX: SCP)

December 2017 Property Valuations

SCA Property Group (ASX: SCP) (“SCP”) announces the results of its property valuations as at December 2017.

Nineteen of the properties from June 2017 were independently valued. In addition the three properties acquired after June 2017 were also independently valued. The remaining 56 properties were internally valued.

The total portfolio’s weighted average capitalisation rate (“WACR”) remained at 6.47% as at December 2017 (6.47% at June 2017).

The total value of investment properties at December 2017 was $2,430.5m representing an increase of $65.9m during the period, comprising the following:

• Acquisitions completed during the period added $31.1m, being Sugarworld Shopping Centre in Cairns QLD (acquired for $24.8m), Belmont Bowling Club located above our Belmont Central centre in NSW (acquired for $4.8m) and the Shell Cove Town Centre development asset in NSW (land acquired for $1.5m). In addition, we expect to acquire the Coorparoo childcare centre, located above our Coorparoo shopping centre, for $7.3m prior to 31 December 2017.

• Like-for-like properties valuation increased by $34.8m during the period, made up of the following:

• $15.3m increase in the valuation of Kwinana (to $145.0m), after having invested development capex of $5.0m during the period;

• $7.0m increase in the valuation of Bushland Beach (to $19.8m), after having invested development capex of $7.0m during the period; and

• $12.5m increase in the like-for-like valuation of the remaining properties, primarily due to the valuation net operating income increasing by 0.9%.

	Investment Property Portfolio Valuation	Investment Property Portfolio Valuation	A$m	A$m	A$m
	June 2017 Portfolio Valuation		2,364.6
	- Add: Acquisitions~~1~~& disposals completed during the id t t		31.1
	pero a cos
	- Add: Acquisitions & dispo	sals valuation increase		-
	- Add: Valuation increase ‘	like for like’		34.8
	December 2017 Portfolio Val	uation		2,430.5
	**Valuation Weighted Average **	Capitalisation Rates:
	- June 2017: % rate			6.47%
- December 2017: % rate	- December 2017: % rate			6.47%
1_Eld C Child C C_		t hih i td t lt f $73		i t 31 Db 2017

1 Excludes Coorparoo Child Care Centre which is expected to complete for $7.3m prior to 31 December 2017.

Shopping Centres Australasia Property Group RE Limited ABN 47 158 809 851 AFS Licence 426603 as responsible entity of the Shopping Centres Australasia Property Retail Trust ARSN 160 612 788 and as responsible entity of the Shopping Centres Australasia Property Management Trust ARSN 160 612 626

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Details of portfolio movements, including a comparison of independent and internal valuations, are set out in the table below:

Independent vs. Internal Valuations	Independent vs. Internal Valuations	A$m
Independent Values:
-	Number	19
-	% ofportfolio bybook value	28.9%
-	Change in Valuation($m)	19.7
-	Change in WACR	0.02%
Internal Values:
-	Number	56
-	% ofportfolio bybook value	69.8%
-	Change in Valuation($m)	15.1
-	Change in WACR	-0.01%
Acquisitions and Disposals:
-	Number of Acquired Properties	3
-	Number of Disposed Properties	-
-	% ofportfolio bybook value	1.3%
-	Cost of Acquisitions($m)	31.1
-	Consideration for Disposals($m)	-
-	Valuationgain/loss on Acquisitions and Disposals($m)	-
-	Valuation($m)	31.1
-	Change in WACR	0.00%
Total:
-	Number of Properties~~2~~	78
-	Change in Valuation($m)	65.9
-	Change in WACR	0.00%

For financial reporting purposes, the impact of these valuation increases on net tangible assets will be reduced by stamp duty paid on acquisitions, capital expenditure and tenant incentives.

ENDS

Media, Institutional investor and analyst, contact:

Mark Fleming Chief Financial Officer SCA Property Group (02) 8243 4900

Unitholders should contact SCP Information Line on 1300 318 976 (or +61 1300 318 976 from outside Australia) with any queries.

2 Belmont Bowling Club will be consolidated with Belmont Central. As such, total number of properties is 77.

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