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Vicinity Centres launches A$350M shopping center redevelopment

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Vicinity Centres launches A$350M shopping center redevelopment

VicinityCentres said April 4 that it is launching the A$350 millionredevelopment of the MandurahForum Shopping Centre in Western Australia.

The redevelopment is being undertaken along with itsco-owner, ISPT. FederationCentres, the company that merged with to form VicinityCentres, initially announced the redevelopment and partnership in April 2015.

Work will include extensive renovation as well as expansionof the shopping center. Almost 26,200 square meters of retail space will beadded to the existing 38,300 square meters. The number of tenants will beincreased to 220, up from the present 140. The redevelopment will also add 700new car parking spaces, taking the total capacity to 3,000.

The company said the project is expected to generate a morethan 6% initial yield on cost and an internal rate of return of more than 10%.Completion of the project is slated for 2018.

This is the latest project in a A$3.1 billion developmentpipeline, of which Vicinity's share is A$1.5 billion, according to the company'sCEO and managing director, Angus McNaughton.

As of April 1, US$1was equivalent to A$1.31.