Vicinity Centers has agreed to acquire a controlling stake in the Uptown shopping center on Brisbane’s Queen Street Mall from IFM Investors for A$212 million ($138 million), according to media outlets. The transaction will give Vicinity full ownership of the landmark CBD retail asset, where it previously held a 25 percent stake since 1988.
Uptown, formerly the Myer Centre, has faced elevated vacancy following the departure of its anchor tenant in 2023, but is viewed as a repositioning opportunity amid strong population growth and infrastructure investment tied to the 2032 Olympic Games, reported The Urban Developer.
The asset comprises approximately 63,025 square meters (678,000 square feet) of gross leasable area on a 1.27-hectare (3.14-acre) site, making it one of the largest retail holdings in th
