Morningstar | Vicinity is a conservative, diversified Australian retail REIT with upside from redevelopment.
Vicinity Centres is Australia's second-largest retail REIT, diversified across all retail categories, but the majority of its capital is in larger shopping malls. Portfolio performance is expected to broadly track the overall retail sector, reflecting diversification across geographies and category. Many of the assets in the portfolio have gone through an extended period of underinvestment, some of which are not being considered for redevelopment to a higher and better use, which could include apartments and offices on the site. Vicinity's AUD 15 billion of directly and indirectly owned malls are skewed to larger shopping centres, with a weighting of 65% to major regional malls, 22% in subregional malls, 4% in neighbourhood malls, and 9% in outlet centres.Vicinity Centres is engaged in property investment, property management, property development, leasing and funds management.Co.'s operating segments include: Property Investment, which is involved in investment in retail property; and Strategic Partnerships, which is involved in property management, development, leasing and management of wholesale property funds. Co.'s portfolio is comprised of Australian retail assets. As of June 30 2016, Co. had 91 retail assets under management. Co. had an ownership interest in 81 of these assets.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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