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Vicinity Centres postpones Roselands project in Australia

Vicinity Centres postponed indefinitely a development project for the Roselands center in New South Wales, Australia, and instead, will shift its focus to a refurbishment program at the property.

The company decided to defer the proposed development after unsuccessful negotiations with a major tenant, which has blocked the intended expansion and redevelopment of the center, according to Vicinity Centres CEO and Managing Director Angus McNaughton.

Formerly known as Federation Centres, the company completed a co-ownership transaction in June 2013 that included a 50% stake sale in the Roselands center.