Vicinity Centres swoops on iconic Sydney retail assets

Company News

by Jessica Amir

Retail asset management group, Vicinity Centres (ASX:VCX) has entered into contracts to exchange its 49 per cent interest in Chatswood Chase Sydney for 50 per cent of the Galleries and Strand Arcade’s Queen Victoria Building.

The premium Sydney retail assets interests have been purchased for $556 million.

Chatswood Chase was sold for $562.3 million.

Vicinity will continue to manage Chatswood Chase and will assume management of the Sydney CBD Centres.

The company says the deal will be accretive to funds from operations by about $5 million on a full year basis.

Shares in Vicinity Centres (ASX:VCX) are trading about 0.6 per cent higher to $2.69.
 

Jessica Amir

Finance News Network
Jessica is the head of news and a senior finance journalist and presents bulletins including the Market Outlook, Market at Midday and Market Wrap. She also interviews ASX CEOs and leading fund managers. She joined FNN in January 2017 with over six years of broadcast journalism experience including with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for Prime 7 and WIN News. Jessica has worked in financial planning for over six years with leading wealth managers and in real estate.