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Retail property trust Vicinity Centres will sell ten regional and neighbourhood shopping centres across NSW, Queensland, Western Australia, and Victoria for $631 million, as it ramps up plans for its city prestige projects.

The sale of 10 shopping centres to SCA property Group for $573 million, as well as the sale of Belmont Village in Geelong to a private investor for $58 million, means Vicinity has divested 35 shopping centres for more than $2.5 billion since since its merger with Novion in 2015.

In June, Vicinity announced it planned to sell up to $1 billion of medium-sized and neighbourhood shopping centres to fund development of prestige projects, including The Glen and Box Hill Central in Melbourne; Galleria in Perth; plus Chatswood Chase and Bankstown Central in Sydney.

The company said discussions are progressing with prospective purchasers of three remaining assets in its divestment program.

The $631 aggregate deal announced on Wednesday will see SCP acquire Bentons Square and The Gateway on the Mornington Peninsula, Lavington Square and West End Plaza in Albury, North Shore Village and Oxenford Village on the Sunshine Coast, Currambine Central, Kalamunda Central, and Warnbro Centre near Perth, and Stirlings Central at Geraldton.