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Vicinity Centres plans A$1B divestment of noncore assets in Australia

Vicinity Centres is planning to divest an up to A$1.0 billion portfolio of subregional and neighborhood shopping centers in Australia as part of its ongoing portfolio enhancement strategy.

Grant Kelley, Vicinity's CEO and managing director, said proceeds from the sale of the noncore assets will be reinvested for the improvement of other shopping centers across Australia, including The Glen and Box Hill Central in Melbourne, Chatswood Chase and Bankstown Central in Sydney and Galleria in Perth.

Kelley said in a statement that the shopping center-focused trust will also review its options for other underperforming assets in its portfolio, with an update slated by August.

The Glen, a A$460 million retail redevelopment in Victoria's capital, will also feature a A$450 million apartment project. Vicinity, The Australian Financial Review reported June 3, gave local developer Golden Age Group permission to start the 555-apartment Sky Garden project to unlock the unrealized value of the shopping center.

JLL, Vicinity's real estate adviser, also functions as the coordinator of the sales program, for which Macquarie Capital serves as corporate adviser.