Vicinity Centres will sell up to $1 billion of medium-sized and neighbourhood shopping centres to fund development of prestige projects.

The shopping centre operator says it will plough the proceeds into what it called ‘transformative developments’ including The Glen and Box Hill Central in Melbourne; Galleria in Perth; plus Chatswood Chase and Bankstown Central in Sydney.

‘Following an extensive review of our portfolio, it is clear that we need to focus our resources on creating destinations that provide market-leading shopping, dining and entertainment experiences,’ chief executive and managing director Grant Kelley said.