Several major shopping centres have been sold this year, with values decreasing. Vicinity Centres has purchased the other half of North Shore Chatswood Chase for $307 million, which is set to undergo a $620 million revamp. The centre's value is expected to increase to $1.5 billion.
Few major shopping centres have sold this year, with nearly a dozen languishing on the market while values slip.In September, Vicinity Centres -managed Perth’s Midland Gate reportedly sold for less than $500 million to Hong Kong’s private equity group PAG, and fund manager Haben picked up a half share in the Stockland’s Townsville mall for $115 million, an 11.5 per cent discount to its valuation.
So, while the buy-back looks like a good deal for Vicinity, the shopping centre owner is now up for the entire cost of the Chatswood redevelopment project. Luxury sales make up more than $1 billion of Vicinity’s overall sales each year, up from less than $100 million in 2009.
Shopping Centres Values Sale Vicinity Centres North Shore Chatswood Chase Revamp
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