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Vicinity to sell A$841.4M of retail assets to Mirvac, Blackstone


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Vicinity to sell A$841.4M of retail assets to Mirvac, Blackstone

plans to sellfour retailproperties worth A$841.4 million to and to affiliates offunds managed by Blackstone GroupLP.

Blackstonewill buy the CliffordGardens Shopping Centre in Queensland, and andBrimbank ShoppingCentre in Victoria for A$613.3 million.

Mirvacsaid it agreed to acquire a 100% interest in the Toombul Shopping Centre in Brisbane for A$233.3million, including approximately 2,800 square meters of adjacent land. Thepurchase price represents a core capitalization rate of 6.50%.

Theshopping center sits on a site area of approximately 98,850 square meters andhas a total gross lettable area of more than 44,000 square meters. Tenantsinclude Coles, Kmart, Target, Aldi and BCC Cinemas.

Vicinitysaid the sale price for the four assets reflects a weighted averagecapitalization rate of 7.0%. Combined with the of the Indooroopilly Central inQueensland for A$85 million, the company has secured deals to sell fiveproperties worth A$926.4 million.

Thecompany is selling the properties as part of its program.

As of May 6, US$1 wasequivalent to A$1.36.