Vicinity Centres was created after the merger of Federation Centres and Novion in 2015, creating one of Australia's largest retail REITs. Its directly and indirectly owned assets have a book value of about AUD 15 billion at the end of June 2024. The assets are skewed to large, high-end shopping centers, with about 40% in super and major regional malls, a fifth in subregional, 15% in central business district locations, and about 15% in outlet centers.