Vicinity Offloads a Further AUD 631 Million of Smaller Malls. FVE Unchanged at AUD 2.85
Consistent with Vicinity’s strategy to divest AUD 1.0 billion of subregional and neighbourhood shopping centres, the firm has agreed to the sale of 11 malls for AUD 631 million. Transaction evidence implies the market yield for Vicinity’s shopping malls has weakened significantly as the 11 malls sold were executed at a 5.1% discount to the June 2018 book values, whereas the 24 malls Vicinity sold for AUD 1.9 billion over the previous three years were sold at a 2.1% premium to book value. The 11 ...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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