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.