Business
Store closures, fall in values push mall giant Vicinity to $1.8b loss – Sydney Morning Herald
Australia’s second largest mall landlord announces $1.8b full-year loss as social distancing measures to contain the pandemic eat into its rental income and property values.
It was a year of two “remarkably different halves,” Vicinity chief executive and managing director Grant Kelley said.
While the group reported a “solid” first half result before the pandemic struck, when the full force of social distancing measures peaked in April, at least 58 per cent of tenants in its malls closed their doors.
The pain experienced across the retail sector prompted a six-month national mandatory code of conduct requiring landlords to negotiate in good faith over leases with t…
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