Vicinity Centres banks $631 million from sale of 11 shopping centres across Australia

Vicinity Centres has sold 11 shopping centres spread across Victoria, New South Wales, Queensland and Western Australia, for a total of $631 million.

One asset, the Belmont Village shopping centre in Geelong, and worth $58 million, sold in a deal which settled last month to a Sydney-based investor, the Geelong Advertiser reports.

Ten more assets sold to Shopping Centre Australasia Group, which was created by Woolworths Limited, for $573 million. These include:

Bentons Square at 210 Dunns Road, Mornington, Victoria
The Gateway at 230 Cranbourne-Frankston Road, Langwarrin, Victoria
Lavington Square at 351 Griffith Road, Lavington, New South Wales
West End Plaza at 487 Kiewa Street, Albury, New South Wales
North Shore Village at Menzies Drive, 722-728 David Low Way, Pacific Paradise, Queensland
Oxenford Village at 2 Cottonwood Place, Oxenford, Queensland
Currambine Central at 1244 Marmion Avenue, Currambine, Western Australia
Kalamunda Central at 39 Railway Parade, Kalamunda, Western Australia
Stirlings Central at 54 Sandford Street, Geraldton Western Australia
Warnbro Centre at 206 Warnbro SoundAvenue, Warnbro

Vicinity Centres announced four months ago that it planned to divest of non-core assets and free up about $1 billion of capital. Three more assets are close to sale, according to CEO Grant Kelly.

Following the portfolio sale, Vicinity Centres will control about 50 shopping centres.

Marc Pallisco

A freelance property writer and experienced analyst, Marc is the co-founder of realestatesource.com.au

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