Vicinity announces sale of up to $1B shopping centres

04/06/2018 09:40:00

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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