Top city retail fires despite lockdown hit
The coronavirus has slugged major regional malls while listed property groups with an exposure to Victoria have also been hit in recent days as lockdowns return.
Vicinity Centres shares edged up on Thursday after days of heavy falls due to its heavy weighting to Melbourne.
Broker Credit Suisse also cut earnings guidance on local Westfield owner the Scentre, saying that after COVID-19 major retail groups would look to reduce their store footprints.
But it says they will still want physical stores in quality, well-located malls, and city retail centres in other capitals are already trading.
One mall is about to change hands in Adelaide in what will become the largest retail property deal in the wake of the pandemic.
Private equity group Blackstone is selling Adelaide’s Rundle Place for about $210 million and the deal shows a way forward for the sector with some repositioning likely by purchaser Fortis Funds Management.