Vicinity Centres halts distribution, raises cash amid virus troubles

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Vicinity Centres has decided to not to pay any distribution for the six months ending 30 June 2020 to further strengthen the REIT’s balance sheet.

The REIT is also undertaking a fully underwritten institutional placement to raise AUD1.2 billion.

It will also undertake a non-underwritten security purchase plan to raise up to a further AUD200 million.

The move has come amid a fall in the value of the REIT’s properties, which may decline in the order of 11% to 13%, or AUD1.8 billion to AUD2.1 billion, since the COVID-19 outbreak.

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