May 3 (Reuters) - Vicinity Centres Re Ltd VCX.AX :
* Agreement to develop new DFO outlet centre at Perth airport
* Entered into agreements for a joint venture (agreements) with Perth Airport Pty Ltd
* Development of the Perth DFO is expected to cost approximately $145 million
* Development of the Perth DFO is to be jointly funded by Vicinity and PAPL through the development
* Construction is expected to commence in mid-2017
* Project is forecast to generate an initial yield on cost of greater than 8% and a 10-year internal rate of return of greater than 13 percent