Frasers Property sells Eastern Creek Quarter complex
Australian retail landlord Vicinity Centres has bought an outlet retail asset in Sydney’s west from the Singapore-based Frasers Property for A$400m (€246m).
The ASX-listed firm has acquired the Eastern Creek Quarter (ECQ) complex, consisting of a new 20,000sqm outlet centre, an integrated 10,000sqm traditional retail shopping centre and an 11,000sqm format retail centre.
Frasers Property bought the site in Eastern Creek, a decade ago and developed ECQ in three stages.
Vicinity’s CEO and managing director, Peter Huddle, said: “For some time now, Vicinity has been a selective, timely and disciplined acquirer of strategically aligned retail assets. As a hybrid retail asset that is strategically ECQ makes sense for Vicinity.
“Furthermore, by intentionally maintaining a conservative but flexible capital structure, we have been able to once again capitalise on an attractive acquisition opportunity that will enhance earnings resilience and strengthen our future income and value growth profile.”
The acquisition has bolstered Vicinity’s portfolio of 8 premium outlet retail centres, which operate mainly under the Direct Factory Outlet brand.
Before ECT, its last acquisition was in 2021, when it bought a 50% HarbourT own Premium Outlets on the Gold Coast in Queensland from a Lendlease-managed fund for A$358m.
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