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Vicinity Centres to sell Woolworths-anchored retail asset to QIC Global

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Vicinity Centres to sell Woolworths-anchored retail asset to QIC Global

A Vicinity Centres wholesale funds arm agreed to sell for roughly A$70 million a Woolworths-anchored retail asset in the New South Wales city of Bathurst, The Australian reported.

According to the Oct. 19 report, buyer QIC Global Real Estate's due diligence to acquire Bathurst City Centre is ongoing.

The Fenix-built shopping center, purchased by Vicinity in 2014 for approximately A$62 million from finance group Oracle, has a gross lettable area of 12,559 square meters. The paper noted that the asset, if fully leased, can deliver an estimated income of about A$4.6 million annually.

Colliers International was hired to handle the sale of the property, the publication added.