Vicinity Centres report declines in WA portfolio

Company News

by Rachael Jones

Vicinity Centres (ASX:VCX) have reported an overall estimated portfolio net valuation decline of 1.3 per cent, predominantly impacted by declines in the Western Australian portfolio and pre-development centres.

35 of its 62 directly-owned retail properties are in the final stages of being independently valued with an estimated net valuation decline for the overall portfolio of $202 million for the six month period to 30 June 2019.

The June valuations are subject to finalisation and audit, and will be confirmed in Vicinity’s 2019 annual results on 14 August 2019.

Grant Kelley, CEO and Managing Director, says they remain committed to Western Australia, with the expectation that confidence and trading conditions will improve on the back of continued investment in resources and infrastructure in the state.

Shares in Vicinity Centres (ASX:VCX) are trading 0.38 per cent lower at $2.59.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.