Shopping Centre Investments lists on the USX

The Hub Hornby Shopping Centre's operators listed on the USX this morning. Photo / Supplied

A Christchurch shopping centre has listed on the Unlisted Securities Exchange (USX).

Shopping Centre Investments Ltd (SCIL), which owns and operates the Hub Hornby Shopping Centre, listed on the USX this morning, with its shares yet to be traded at 10.30am. USX data show a bid at 75 cents.

Chair Michael Keyse said the listing was a culmination of a 21-year journey.

"Since our acquisition in 2001, we've expanded and modernised the Hub Hornby Shopping Centre in order to become a true regional shopping destination – home to over 80 businesses including anchor tenants, Farmers and Pak N Save," he said.

SCIL wanted to list for some time, but it was "very important" for the company to ensure the centre's earthquake strengthening work complied with 67% or higher with the building code. That work was completed in February, Keyse said.

"We are proud to be a market leader with this achievement. Our listing will now give our shareholders a market for their shares."

Colliers national retail director Evan Harris, who manages the centre, said the site's occupancy rate was 98% occupancy with new tenants coming on board in the past eight months.

The centre consists of three freehold sites – all within the Main South Rd area – across a total land area of more than 4 hectares. The total lettable area of the complex is almost 25,000 square metres.

Including revaluations of $1.9 million, SCIL's net profit for the February 2022 year was $6.3m, turning around a loss of $771,000 when the company booked an unrealised fair value loss of $4.7m on its investment properties.

Operating profit grew $410,000 to $5.9m.

The company paid dividends of 5.25 cents per share in the 2022 financial year, up from 4.25cps the prior year.

The centre was valued at $129m at Feb 28.