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Vicinity Centres (VCX.AX): Post-Development Hockey Stick Meets Macro Crosswinds — FY27–28 Growth Story Intact

发布日期: 2026-07-01研究机构: Citi公司 / 股票: VCX.AX报告页数: 11原文语言: English证据页码: 2

研报英文原文证据摘录

Vicinity Centres (VCX.AX)

01 July 2026 Citi Research

earnings growth as this unwinds: a prudent and appropriate decision given the early-stage luxury retailer ramp.

• Luxury tenants signed on longer term leases – we view this embedded reversion as a medium-term earnings upside

catalyst.

• Management sees pathway to 6.25% yield as rents mature through lease cycles.

Uptown Brisbane — The Next Development Catalyst

• DA lodgement targeting August 2026. The redevelopment is an internal refurbishment — no major structural work —

covering Levels 4–6, with a prominent new Albert Street entry facing the Brisbane Metro station.

• Asset currently running at a 6% yield with segments that are fully insulated during construction.

• Targeting premium sporting and lifestyle brands in a new “Mini Majors” emporium precinct — strategically timed ahead of

the 2032 Brisbane Olympics.

Finance Costs, Hedging & Balance Sheet

• Weighted average cost of debt tracking ~5% for FY26. We anticipate costs remaining broadly flat to marginally lower as

tighter negotiated bank margins offset higher BBSW.

Region Group (RGN.AX): Defensive Convenience Retail, Rising NTA & ~8% Discount — Cost Discipline & Sector Flows

Scentre Group (SCG.AX): Warringah Mall Tour: Strong Specialty Sales, Reconfiguration Opportunity & Developing

Residential Option

Australia Real Estate: Record Transactions, Near-Full Occupancy — Australia Retail Real Estate Remains Attractive

with Momentum into August Results

Figure 1. Comp NOI growth – Dec 2025 Figure 2. Comp Specialty Growth – Dec 2025

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