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Vicinity Centres snaps up Perth properties

Vicinity1Property group, Vicinity Centres, has acquired two Perth metropolitan shopping centres, The Shops at Ellenbrook and Livingston Marketplace, for $319 million, including acquisition costs.

The assets have been acquired from the Insurance Commission of Western Australia (ICWA) and the transaction is expected to settle in early 2016.

Angus McNaughton, CEO and MD of Vicinity Centres, said the company’s strategy is to own high-quality retail assets in strong catchments.

“The attributes of the assets acquired are consistent with Vicinity’s portfolio strategy. Both centres are located in trade areas characterised by strong population and retail expenditure growth over the medium to long term, and have high specialty sales productivity and low occupancy costs,” McNaughton said.

“Both assets also have development potential which will strengthen their positioning in their catchments over time. This is particularly the case at The Shops at Ellenbrook which includes 6.5 hectares of adjoining land acquired as part of the transaction.”

Anchored by Coles, Woolworths and Big W, Ellenbrook is a sub regional shopping centre with a gross lettable area of 32,400sqm, located approximately 30km north-east of Perth’s CBD.

Livingston Marketplace is a sub regional shopping centre with a gross lettable area of 15,500sqm located in the southern Perth suburb of Canning Vale, approximately 15km from the Perth CBD.

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