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Articles related to "mall"

Vicinity to raise $1.4 billion as malls battered by the virus

  • Vicinity Centres, Australia's second-largest shopping mall owner, has launched a $1.4 billion capital raising to prop up a balance sheet battered by falling asset values and rental income during the pandemic.
  • Chief executive Grant Kelley said Vicinity expects it will have to wipe as 11 per cent to 13 per cent - or $1.8 billion to $2.1 billion - from the value of its portfolio in its June 30 accounts.
  • Vicinity singled out the government's "stay at home" directives along with mandatory closure of some retail stores.
  • The closures put pressure on its tenants' capacity to pay rent, with a number of high profile retailers such as Solomon Lew's Premier Investments saying they would not pay rent when their stores were closed.
  • Vicinity has been negotiating with its smaller tenants over temporary waivers and deferrals of rent in line with a mandatory code introduced by the federal government.

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