Real estate investment trust company, Vicinity Centres (ASX:VCX) has announced plans for the sale of up to $1 billion of sub-regional and neighborhood shopping centres.
The proceeds will be reinvested into value adding development opportunities.
CEO Grant Kelley says since the merger in 2015 Vicinity has sold $1.9 billion of assets at a 2.1 per cent premium to book value.
Vicinity Centres was created from the merger of Federation Centres and Novion Property Group in June 2015.
Shares in Vicinity Centres (ASX:VCX) closed flat at $2.67 on Friday