Vicinity Centres acquires Eastern Creek Quarter for $400m
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The news: Vicinity Centres has acquired the Eastern Creek Quarter (ECQ) retail precinct, located in Western Sydney, from Frasers Property for $400 million.
The transaction is expected to finalise on 30 June.
The context: The ECQ comprises 20,000 square meters of large format retail and around 21,000 square meters of traditional shopping centre, neighbouring large motorways and railway services.
The company said the acquisition will be funded through existing debt facilities and will increase gearing by around 200 basis points.
What they said: “By intentionally maintaining a conservative but flexible capital structure, we have been able to once again, capitalise on attractive acquisition opportunity that will enhance earnings resilience and strengthen our future income and value profile growth,” Vicinity CEO Peter Huddle said.
The source: ASX
