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Vicinity seals A$224.6M deals to sell stakes in 2 Australian assets

VicinityCentres exchanged A$224.6 million worth of contracts to sell itsstakes in two properties in Australia to ISPT.

The company is divesting a 25% stake in The Myer CentreBrisbane in Queensland in a deal set to close in October. Upon closing, it willretain a 25% stake in the asset and a one-off put option exercisable throughthe second anniversary of the deal's closing.

Vicinity is also selling a 50% stake in the MorningtonCentral property in Victoria. It will retain a half stake in the asset once thedeal closes in November.

The transactions are part of the company's roughly A$1.5billion asset divestment program.

As of Sept. 23, US$1was equivalent to A$1.31.