Installations commenced in FY19.While Australia continues to face uncertainty surrounding a clear national policy framework to contain electricity generation costs, our solar program will reduce Vicinity’s reliance on the grid and exposure to volatile energy pricing, delivering strong investment returns while reducing carbon emissions from our asset portfolio.Combined, phases one and two of the solar program represent the largest investment in Australian retail property solar to date, cementing Vicinity’s sustainability leadership position and creating shared value for our consumers, retailers, investors and the communities where we operate.Vicinity’s industry-leading solar program is creating a backbone for further integrated energy innovations and investment at our centres.Our solar program has encouraged the exploration and adoption of complementary renewable energy initiatives such as emerging solar technologies, battery storage, waste to energy, and electric vehicle charging.In 2018, Vicinity installed Australian retail property’s first storage battery at Castle Plaza, SA. Image on right: Water saving taps at Oakleigh Central (VIC) These proceeds have been used to create additional value for our securityholders through $1.1 billion of acquisitions, up 12.3% in value since acquisition; $0.5 billion of securities buy-back at an 11.1% discount to June 2019 NTA; and $1.0 billion of developments which have delivered a 12.5% uplift on completion.“Consequently, adjusting for these divestments, Vicinity’s portfolio has a 76% greater average asset value and 35% stronger comparable specialty store sales productivity. Vicinity has set a public target to achieve Net Zero carbon emissions by 2030 for our wholly owned retail assets.We use a lot of energy to operate our shopping centres. The opportunity to acquire these core and core plus retail holdings, at either current or recalibrated values, is becoming very appealing as evidenced by current and soon to be announced transactions.”Located in northern Geelong, 68km from the Melbourne CBD, Corio Central is a 31,052 sqm sub-regional centre securely anchored by Coles, Woolworths and Kmart on leases until at least 2025 – representing 44% of the gross lettable area (GLA).The Mt Ommaney Centre was acquired by YFG Shopping Centres, a family business which controls 20 shopping centres in south-east Queensland, including Australia Fair on the Gold Coast and Brookside Shopping Centre in Brisbane’s north.The largest and most dominant shopping centre in the trade area, Mt Ommaney has a total GLA of 56,469 sqm, over 20,000 sqm larger than the next most significant retail centre.“YFG was attracted to the unique opportunity to acquire a 25% interest in a major metropolitan Brisbane shopping centre with the potential to acquire management rights,” Rooney said. The 548kWh battery is enabling solar energy generated at the centre to be deployed at times when it is most needed and better manage peak demand periods. All of our centres have waste management plans and annual recycling and resource recovery targets to increase recycling rates and minimise waste sent to landfill.Some individual centres achieved diversion from landfill rates well above average, with Chatswood Chase achieving 68 per cent, DFO Moorabbin 68 per cent, Altona Gate 65 per cent, and Castle Plaza 65 per cent. VICINITY Centres has sold two non-core assets, the Mt Ommaney Centre and Corio Central for a combined $195.5 million and at the same time it slightly reduced its FY20 earnings guidance.CBRE’s head of retail capital markets Simon Rooney negotiated the sales, with Corio Central in Victoria acquired by IP Generation Pty Ltd for $101 million (a 3.8% discount to book value) and the 25% stake in Mt Ommaney Centre in Brisbane purchased by YFG Shopping Centres for $94.5 million (3.3% premium to book value).Vicinity CEO Grant Kelley said: “We are pleased to have achieved solid pricing for these assets, following improved investor demand since we announced in August 2019 that we would not proceed with any further material divestments in the current environment. We are committed to actively evolving and adopting best practice environmental management strategies. In all, the group expected to divest about $2 billion of assets over the past year. *For Vicinity’s wholly owned retail assets FY20 having already taken significant steps towards ensuring a sustainable and ethical supply chain over recent years. * The IES would help make the business more sustainable, energy resilient and cost effective.Australian retail property’s first storage battery installed at Castle Plaza (SA) Global first clear solar glass trial at Warwick Grove (WA)Driving efficiency improvements across our energy, water and waste management practices, which all have a direct or indirect impact on our overall carbon and environmental footprint, is a key focus for our centre operations. To view asset level data, download our FY19 Performance Pack During FY19, we reduced our absolute energy use by eight per cent and a reduction of eight per cent in our absolute scope 1 and 2 carbon emissions.


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