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BRIEF-Vicinity Centres Re updates on agreement to develop new DFO outlet centre at Perth airport

Published 03/05/2016, 11:00 am
Updated 03/05/2016, 11:10 am
© Reuters.  BRIEF-Vicinity Centres Re updates on agreement to develop new DFO outlet centre at Perth airport
VCX
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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

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