VICINITY CENTRES TRUST — Capital/Financing Update 2017

Apr 9, 2017

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ASX Announcement

10 April 2017

The Glen residential developer appointed

Vicinity Centres (Vicinity, ASX:VCX) today announced that, together with co-owner Perron Group, a contract for the sale of residential air rights above The Glen in Melbourne has been entered into with Melbournebased developer Golden Age Group.

Mr Angus McNaughton, Vicinity Centres CEO and Managing Director, said: “The Glen is currently undergoing a major redevelopment and Golden Age Group will deliver the residential project of more than 500 apartments across three towers.”

The sale has reduced The Glen’s redevelopment costs[1] from $490 million to $460 million. Forecast returns as a consequence will improve and are expected to be an initial yield post completion of greater than 6% and an IRR of greater than 10%.

Golden Age Group has extensive experience in developing real estate and currently has a portfolio of $4.2 billion in completed and upcoming projects. These projects include high rise residential, retail, commercial, hotel, land subdivision and industrial sectors within Melbourne and Sydney. Notable examples of the quality of its projects include the Sheraton Hotel in Little Collins Street, Melbourne and the Essence apartments in Double Bay, Sydney.

The retail development at The Glen continues to track positively with most of the first stage leased. This stage, which opens in late 2017, incorporates a fresh food market hall, anchored by a new Aldi, the latest format Woolworths and a Coles supermarket, and over 60 specialty stores.

At project completion, The Glen will be expanded to approximately 78,000 sqm of gross lettable area and will include, in addition to the fresh food market hall, two dining precincts, a town square, the latest format David Jones, new mini majors and international brands.

The retail development at The Glen will open in a number of stages over three years, with project completion expected by early 2020.

ENDS

• 1 100% interest. Vicinity’s share is 50%. Redevelopment costs are net of proceeds from the sale of the residential air rights.

Vicinity Centres National Office Level 4, Chadstone Tower One 1341 Dandenong Road T +61 3 7001 4000 PO Box 104 F +61 3 7001 4001 Chadstone VIC 3148 vicinity.com.au

Vicinity Limited ABN 90 114 757 783 and Vicinity Centres RE Ltd ABN 88 149 781 322 As responsible entity for: Vicinity Centres Trust ARSN 104 931 928

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For further information please contact:

Ali O’Shea

Penny Berger

Head of Investor Relations

Head of Investor Relations Public Relations Manager T +61 2 8229 7760 T +61 427 373 857 E penny.berger@vicinity.com.au E ali.o’shea@vicinity.com.au

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About Vicinity Centres

Vicinity Centres (Vicinity or the Group) is one of Australia’s leading retail property groups with a fully integrated asset management platform, and over $24 billion in retail assets under management across 85 shopping centres, making it the second largest listed manager of Australian retail property. The Group has a Direct Portfolio with interests in 75 shopping centres (including the DFO Brisbane business) and manages 37 assets on behalf of Strategic Partners, 27 of which are co-owned by the Group. Vicinity is listed on the Australian Securities Exchange (ASX) under the code ‘VCX’ and has approximately 24,000 securityholders. Vicinity also has European medium term notes listed on the ASX under the code ‘VCD’. For more information visit the Group’s website vicinity.com.au, or use your smartphone to scan this QR code.

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