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.

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Marc Pallisco

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

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