Morningstar | Vicinity's Retail Malls Enjoy Competitive Advantages, but Remain Exposed to E-Commerce Growth
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 67% to major regional malls, 20% in subregional malls, 11% in outlet centres, and 2% in neighbourhood malls.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.
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