Transitioning Vicinity Centres to a New Analyst
We make no changes to our AUD 2.60 fair value estimate for Vicinity Centres following the transition to a new analyst. The majority of Vicinity's malls dominate their catchment areas. These regional and subregional malls adequately service demand, enjoying efficient scale characteristics, which underpin the firm's narrow economic moat. Our medium fair value uncertainty and standard stewardship rating also remain intact. At current prices, securities in Vicinity screen as fairly valued.We expect...
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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