Thursday, June 13, 2024

Mall values to fall before growth in 2025: Region Group boss

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The chief executive of Australia’s largest convenience shopping centre landlord says mall values have a “little further to fall” but robust rental income growth will prevent a steeper correction ahead of a return to earnings growth in the 2025 financial year.

Delivering interim results in line with consensus, Region Group boss Anthony Mellowes also took aim at other mall landlords that had not adjusted their property values in line with the higher interest rate environment. The group reported a 2 per cent decline in the value of a $4.3 billion portfolio of suburban malls anchored by Coles and Woolworths supermarkets.

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