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Vicinity buys back a half stake in Sydney’s Chatswood Chase mall at a 45 per cent discount, six years after trading it to Singapore’s GIC, a sign of how values have corrected.
Along with other commercial properties, malls and their valuations have been battered by the disruption to traditional shopping from e-commerce and by the sharp rise in interest rates.
Retail landlord Vicinity Centres has stepped up its asset sale program with the divestment of a half share of the just-opened Broadmeadows Central mall in Melbourne to Nikos Property Group for $134.5 million, with the proceeds going to repay debt.
Recent news that a block of Toronto's Kensington Market neighbourhood was facing future redevelopment had the community up in arms, and owners down...
The sale of Deepwater Plaza on the Central Coast reflects the strong appetite in the market for sub-regional malls, albeit at higher yields and lower prices.