Frasers sells retail complex in West Sydney to Vicinity Centres for A$400 million

[SINGAPORE] Frasers Property Australia is selling retail complex Eastern Creek Quarter (ECQ) in West Sydney, to Australian shopping centre operator Vicinity Centres for A$400 million (S$364 million).

The sale is expected to complete on Jun 30.

Cameron Leggatt, CEO of Frasers Property Australia, said: “Consistent with our capital recycling strategy, the successful sale of ECQ, positions us to pursue new opportunities in large-scale, mixed-use developments across our core eastern seaboard markets.”

ECQ comprises three retail components: Stage 1 ECQ Shopping Centre with around 10,000 square metres (sq m) of gross lettable area (GLA); Stage 2 ECQ XL, a large-format retail and showroom precinct spanning about 11,000 sq m GLA; and the recently opened outlet concept, which spans about 20,000 sq m GLA and houses around 100 brands.

Stage 1 opened in 2020, followed by Stage 2 in 2022, while the outlet retail concept – the first of its kind in Western Sydney – opened in March this year.

ECQ serves a catchment of around 1.2 million residents, offering outlet shopping alongside groceries, convenience retail, health and beauty services, dining and entertainment, said the company in a press statement on May 15.

According to Mingtiandi, the ECQ sales campaign concluded ahead of its Jun 5 deadline after attracting strong interest from a broad mix of domestic and international investors, including private and institutional groups.

Simon Rooney, CBRE’s head of retail capital markets, who brokered the deal for Frasers, told Mingtiandi that outlet malls are tightly held assets that rarely come to market.

The sale of ECQ comes after it divested its built-to-rent development, Brunswick & Co, in Queensland, for a reported A$285 million, as well as Burwood Brickworks Shopping Centre in Victoria in April this year. Last October, Frasers sold its Australian energy retailing business, Real Utilities, to Active Utilities for A$30 million.

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Most recently, the group launched the sale of shopping mall Ed Square Town Centre for A$250 million, alongside a portfolio of five Melbourne industrial assets last valued at a combined S$218.9 million.

Frasers Property’s Australia arm posted S$34.6 million in profit before interest, fair-value changes, tax and exceptional items for H1 FY2026, compared with S$7.5 million a year earlier, driven by stronger residential settlements and land sales.

Investment earnings for the segment rose 13.5 per cent on the year to S$14.3 million, following the completion of Mambourin Retail in September 2025, while Rhodes Quarter delivered steady performance through leasing and asset management initiatives.

Looking ahead, Frasers Property had said it will continue to unlock value with its capital recycling and capital partnership activities.