Region Group shares climb on $100m buyback
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More news: Region Group was one of the best performing ASX 200 companies after the shopping centre owner announced a $100 million on-market share buyback.
Region shares were up 3.1% to $2.17 at 2pm AEDT, as the wider real estate sector shed 2.1%.
Region Group to launch $100m share buyback
The news: Shopping centre owner Region Group is planning an on-market share buyback for up to $100 million to support portfolio optimisation, ongoing capital requirements and other potential growth initiatives.
The numbers: The group said it will use proceeds from its recent $76 million sale of an unnamed retail shopping centre to fund the buyback, as well as existing cash and undrawn debt facilities.
The shopping centre was sold above its December 2024 book value, at an implied yield of 5.5%, and is expected to settle in May.
The context: Region Group, which operates shopping malls across Australia, said the buyback will commence no earlier than 22 April, with the timing and number of shares purchased to depend on the share price and market conditions.
The source: ASX
