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Coronavirus: Shopping mall owners Vicinity Centres devalues portfolio – NEWS.com.au
Shopping mall owner Vicinity Centres devalues its property portfolio due to coronavirus pandemic
Major shopping mall owner Vicinity Centres has warned the ongoing economic downturn sparked by COVID-19 has forced it to devalue the worth of its property portfolio. In an update to investors on Friday, the owner of Melbourne’s iconic Chadstone shopping mall said its swath of properties had declined by 11.3 per cent at June 30, reflecting the financial woes caused by the pandemic that have changed the retail landscape.
The decline represents $1.79 billion of its portfolio’s total value, which i…
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