Vicinity Centres (VCX) Capability Showcase summary

Portfolio strategy and capital management

• Portfolio shifted to 67% premium assets, supporting income and value growth through disciplined capital recycling, acquisitions and developments.

• Chadstone is valued at $7.26b and Chatswood Chase at ~$1.5b; Chadstone’s valuation has risen ~$1b since June 2022.

• Divestments of non-strategic assets generated $1.6b in proceeds at a 10% premium to book value, funding reinvestment in higher-growth opportunities.

• Balance sheet: 26.1% gearing, $0.8b undrawn debt and investment-grade ratings of A/Stable and A2/Stable.

• 87% of FY27 debt was hedged, with diversified debt sources limiting interest-rate and expiry risk.

Chadstone development and performance

• More than AUD 500m deployed at Chadstone for The Market Pavilion, One Middle Road office tower, placemaking upgrades and two additional car-park levels.

• The Market Pavilion was planned as a curated artisan marketplace, with retailer storage, seating, food concierge, a demonstration kitchen and seasonal programming.

• The Pavilion reached 93% of its FY26 year-one sales target; the stated stabilization benchmark was 95% in year one and 100% by year three.

• Chadstone’s fully stabilized yield was forecast at 6.5%; cited development yield was 6.7%, against an underwrite above 6%.

• Construction reduced visitation by 300,000 people per month; sales remained solid, Chadstone retained its number-one position and traffic rebounded post-development.

Chatswood Chase repositioning and performance

• AUD 626m invested to improve access, wayfinding, natural light and sightlines, and create a more permeable retail environment.

• Luxury-led leasing targeted global brands including Louis Vuitton, Hermès, Chanel, Cartier and Rolex through complex, multi-level negotiations.

• Occupancy was 99.7%, with six stores still to open and one shop remaining to lease.

• Delivery was phased from the lower-ground food offer to the luxury precinct; food, luxury and premium retail were coordinated to lift productivity, with stabilization expected to take longer than at Chadstone.

• Post-development foot traffic and sales rose 82%; forecast development yield was 6.7%, while total asset yield was forecast to reach 6.5% on full stabilization.