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 a senior finance journalist and presents the Market Outlook, Market at Midday and Market Wrap. She also presents ASX company news and interviews CEOs. She joined FNN in January 2017 with six years of broadcast journalism experience. She worked as a journalist and producer with Sky News Business, ABC 1, ABC's The Business and ABC24. She also worked in regional Australia for Prime 7 and WIN News as a TV reporter. In her prior life she worked as a financial planner.