Vicinity Defers Roselands. Rising Debt Costs and Weaker Apparel Prompts Cut in FVE to AUD 3.10
Narrow moat-rated Vicinity has indefinitely postponed the AUD 650 million redevelopment of its 50%-owned Roselands shopping due to inability to agree commercial terms with a major tenant. The postponement is material, taking AUD 325 million or 20% out of management's previously flagged AUD 1.7 billion future capital expenditure pipeline. The postponement means Vicinity will not capture the valuation upside from the development and forego the associated fees. We revise our forecasts to exclude th...
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