From the SCG FY19 annual report...
During the year, we also:
> Commenced the $50 million (SCG share: $16 million) project at Westfield Carindale including a new format David Jones store and the introduction of Kmart
I am guessing the $50m is the overall project cost. If SCGs share is $16, then CDPs would also be $16m. $9m each for Kmart and David Jones.
The CDP cashflow statement shows this increase in expenditure on this project.
Capital expenditure on investment properties:
FY15 $6.8m
16 3.8m
17 5.7m
18 7.1m
19 11.6m
20 12.9m
With this project now complete, free cashflow will improve in FY21 and beyond.
Perhaps the market is not fully cognizant of this?
From the SCG FY19 annual report... During the year, we also: >...
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