Vicinity Has Work Cut Out Turning Around Portfolio. FVE Cut 9% to AUD 2.60
Vicinity Centre’s first-half fiscal 2019 was worse than expected, with the majority of the malls across the portfolio reporting sluggish sales and rent performance. New management are trying to extract value, but it will be difficult as trading conditions are changing far faster than the three to five years it takes for a landlord to revise its in-mall offering. A case in point is the fanfare surrounding the opening of Victoria's Secret’s first full-line Australian store in Chadstone (Vicinity’s...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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