Australia’s Weaker States to Weigh on Vicinity’s Rent Growth; FVE Cut to AUD 2.90
Following Vicinity Centres’ first-half fiscal 2017 result, we’ve reviewed the firm’s sales performance against peers and Australia’s microeconomic outlook. Over 2016, Vicinity’s portfolio achieved comparable specialty sales growth of 2.2%, trailing Mirvac Group at 3.5%, GPT Group at 2.6%, and Scentre Group at 2.6%; nonetheless, it was slightly above metrics for Stockland (up 0.8%) and Charter Hall (up 1.6%). At a headline level, Vicinity’s specialty sales performance was slightly below average, ...
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