Vicinity Centres (AU:VCX) has released an update.
Vicinity Centres has enhanced its portfolio by acquiring a 50% stake in Lakeside Joondalup for $420 million, a move that aligns with its strategy to focus on premium assets and reinforce its Western Australian presence. The acquisition, immediately accretive to earnings, was funded through debt and asset sales, and is part of a broader capital reallocation aimed at long-term growth. Despite these investments, the company maintains a strong balance sheet, with gearing at 28.3%, and plans for further asset divestments in the upcoming fiscal year.
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