New world-class Outlet Centre
set to land at Perth Airport
Vicinity Centres has announced plans to develop Western Australia’s first world-class Outlet Centre at Perth Airport, in joint venture with Perth Airport Pty Ltd (PAPL).
The $145-million centre will be branded DFO, Vicinity’s brand for its Outlet Centre portfolio, and will be jointly funded by Vicinity and PAPL.
Angus McNaughton, CEO and Managing Director of Vicinity, said: “Vicinity’s strategic focus is to create value, and drive sustainable growth, from a quality portfolio of Australian assets across the retail spectrum. In line with this strategy, Outlet Centres remain a key focus and opportunity for Vicinity. Vicinity’s existing Outlet Centre portfolio has generated an internal rate of return of 14.5% since acquisition in 2010.
“We had identified Perth as a prime location for a new DFO asset with its low representation of Outlet Centre space. This joint venture provides a unique and exciting opportunity for Vicinity to further solidify its market leading position in Outlet Centres.” SCN