Only Select Few of Vicinity’s Malls Delivering Strong Sales. FVE Unchanged at AUD 2.60
Vicinity Centres announced 2.0% growth in comparable tenant sales across its core retail assets for the year to March 2019. This metric looks respectable in the current weak retail environment, but we are cautious about the sustainability of these metrics as much of the uplift was attributable to 7.7% growth at the recently reinvigorated Chadstone shopping centre (20% of portfolio). There was significant variability in operating performance with the remaining malls faring worse than the iconic C...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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