2025-06-11-花旗集团-维辛蒂中心（VCX）_Vicinity_Centres（VCX.AX）_零售资产考察——查德斯通和查茨伍德蔡斯开发项目_12页_1mb

Citi Research Analysis Summary: Vicinity Centres (VCX.AX)

Key Takeaways

• Vicinity Centres' retail assets in Chadstone (Melbourne) and Chatswood Chase (Sydney) are showing positive operational momentum, with strong leasing spreads (+3.5%) and continued growth in NOI.
• Chadstone, a long-standing asset with multiple redevelopment phases, has strong metrics (moving annual turnover $2.5B, incremental growth >$1B since 2016) and resilient performance from its hotel/F&B segment.
• Chatswood Chase is undergoing a multi-stage redevelopment focused on luxury, wellness, and mixed-use spaces (Level 3, rooftop building), with construction by Multiplex (Phase commenced Jan 2024). Development delays are expected due to global luxury retail timelines.
• Long-term growth is expected from FY27-FY28 as developments mature, despite slower FY26 earnings due to dilution.

Financial and Valuation Outlook

• Target price: A$2.40/core (blend of NAV-sum-of-parts and DCF), yielding ~4.8% on dividends; market cap ~A$11.6B/US$7.6B.
• Risk factors include rising interest rates, tenant performance, supply-demand shifts, debt covenants, and valuation risks.
• Forecasted Total Return (ETR) is -0.7% for FY2025, reflecting cautious sentiment (despite operational strength).

Strategic Positioning

• Vicinity prioritizes customer-first, experience-led mixed-use models to capture lifestyle migration in retail.
• Focus on luxury, hospitality, and diversified anchor-free model aligns with consumer demand for urban destinations.

#### **Disclosures**
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Citi’s analysis may involve conflicted interests; readers must evaluate as singular factors.