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Vicinity Centres fund sells Australian mall for A$145M


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Vicinity Centres fund sells Australian mall for A$145M

Vicinity Centres-managed wholesale fund Vicinity Enhanced Retail Fund sold the Lidcombe Centre mall in the Lidcombe suburb west of Sydney for A$145 million, The Australian Financial Review reported.

The mall was purchased by an unidentified high-net-worth local investor, according to the report. The asset was previously expected to fetch more than A$150 million.

The 33,000-square-meter property, anchored by a Kmart, as well as Woolworths and Aldi supermarkets, sits on 36,000 square meters of land and has parking space for 1,000 cars.

According to the report, the sale was not a part of Vicinity Centres' plan to divest up to A$1 billion of its subregional and neighborhood shopping centers.

The sale of the Australian retail property group's 14 shopping centers worth roughly A$1 billion closed in September. Earlier in October, the company sold 11 retail properties for A$631 million.

The fund now has three remaining assets: in Mildura, at Keilor in Melbourne and the Riverside Plaza mall in New South Wales, the publication added.