Business
Vicinity Centres slices $1.8b off value of malls as rents crash – Sydney Morning Herald
The country’s second largest shopping centre landlord has wiped billions off the value of its extensive portfolio as it assesses the full impact of the global COVID pandemic.
Vicinity Centres manages and part-owns top-tier fortress malls like Chadstone in Melbourne and Sydney’s The Strand Arcade, Queen Victoria Building and Chatswood Chase.
Analysts at JP Morgan say Vicinity’s exposure to Melbourne is a concern, with 52 per cent of the portfolio by value in Victoria’s capital city.
“We expect a share price recovery as the market becomes more confident on the earnings stabilisation. In the interim whilst uncertainty persists on stabilised earnings and with Melbourne…
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