Vicinity Centres’ strategy of investing in destination shopping centres, such as Melbourne’s Chadstone, and selling non-core assets is paying off as shoppers take their spending to larger malls and storefronts.

In its interim FY25 results, the listed property giant reported a post-tax net profit of $492.6 million, a 120 per cent boost from a year ago, driven by the value of its malls increasing by $174 million. Funds from operations – or operating earnings – remained stable at $344.1 million equating to 7.65¢ per security.