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 joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.