2256 GMT - It could be smart for Vicinity Centres to sell its Box Hill Central North development site in Australia's Victoria state, says Morgan Stanley. Still, a sale may support investor perceptions that Vicinity over-promises and under-delivers, analyst Simon Chan says. Morgan Stanley thinks Vicinity could get A$275 million from selling the site. This is more than 2x the last disclosed book value. "If our numbers are right, we think it could make sense for Vicinity to move the asset on, and not proceed with the long-dated build-out of the seven buildings in the scheme," Morgan Stanley says. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
November 05, 2024 17:57 ET (22:57 GMT)
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