Vicinity Centres (ASX:VCX) together with its co-owner is selling the Brandon Park shopping centre in Victoria to a fund managed by Newmark Capital for $135 million, reflecting a 3.8% premium to book value.
Vicinity will receive $67.5 million in proceeds from the sale of its 50% interest in Brandon Park. The transaction is expected to settle at the end of the month.
The company is the second largest listed manager of Australian retail property with over $26 billion in retail assets under management across 81 shopping centres.
Our commitment to enriching community experiences reaches every corner of our business.We are delighted our people were named ‘Construction and Real Estate team of the Year’ at the Lawyers Weekly Corporate Counsel Awards. The award recognises the team’s work during the past year pic.twitter.com/A1PFxO1MPa
— Vicinity Centres (@VicinityCentres) March 12, 2018
Vicinity chief executive and managing director Grant Kelley said: “We are pleased to continue to progress the divestment of our non-core assets.
“Following on from the sale of our 50% interest in Toormina Gardens in January 2018, we have now agreed the sale of approximately $109 million of assets this financial year, for a combined 3.1% premium to their book values”