Vicinity Centres Acquires 50% Stake in Lakeside Joondalup for AU$420 Million

MT Newswires Live08-20

Real estate investment trust Vicinity Centres (ASX:VCX) exchanged contracts and settled on the acquisition of a 50% interest in Lakeside Joondalup in Western Australia for AU$420 million to boost its premium retail asset portfolio, according to a Tuesday filing with the Australian Securities Exchange.

The consideration will be funded through a combination of existing debt facilities and asset divestment proceeds, the filing said.

Additionally, the company secured property and retail development management rights for Joondalup, allowing it to utilize its retail management platform for asset performance and additional fee income, according to the filing.

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