Vicinity Centres (Vicinity, ASX:VCX) today announced it has reached conditional agreement to acquire a 50% interest in Harbour Town Premium Outlets Gold Coast (‘Harbour Town’) in Queensland from Australian Prime Property Fund Retail (a wholesale fund managed by Lendlease) for $358 million.
Lewis Land Group (‘LLG’) will retain its 50% interest in the asset and will continue to manage the property whilst Vicinity will undertake all leasing activity.
The acquisition is conditional upon LLG waiving their pre-emptive right to purchase as co-owner of Harbour Town.
Mr Grant Kelley, CEO and Managing Director, said: “Today’s announcement reflects our strategy to invest in premium retail assets where we can buy well and add value. Harbour Town is located in an attractive trade area and the centre’s annual MAT is more than double the average MAT for Vicinity’s current outlet portfolio and is expected to grow at more than 3% per annum to 2031^."
To view the full ASX announcement, please click here
^ Urbis forecasts.