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New South Wales–based SCA Property Group has purchased 10 subregional shopping centers from Vicinity Centers for A$573 million ($409 million).
The sale is part of Vicinity’s plans to divest noncore subregional and neighborhood shopping center assets as it shifts attention to entertainment and dining hubs.
Vicinity announced that it will offload a total of 11 properties for A$631 million ($450 million), with the majority sold to SCA and the 11th property, Belmont Village in Victoria, sold to a private investor.
This takes Vicinity’s total divestment under a strategic program to 35 shopping centers for a value of A$2.5 billion ($1.78 billion).
After completion, SCA will own and manage more than A$3.1 billion ($2.2 billion) of convenience-based shopping centers. SCA also acquired three
