Victory Offices Limited announced that following a strategic review of its portfolio of office locations, that the following four loss-making Sydney CBD locations (collectively, the Sydney CBD locations) have ceased operation over the course of the past six weeks: Level 25, 300 Barangaroo Avenue, Sydney; Level 29, 85 Castlereagh Street, Sydney; Level 25-26, 100 Mount Street, Sydney; and 420 George Street, Sydney. The Sydney CBD locations were likely to continue to operate at a loss for some time into the future and the decision to exit is expected to have a positive impact on the recovery of the Company's portfolio of office locations. This determination has been assessed following the significant negative impact of COVID-19, the increased normality of many staff working from home and the increasing business costs of Sydney CBD operations.

The Company expects the ceasing of the Sydney CBD locations to have a negative impact on revenue for the financial year ending 30 June 2022 but is not expected to have a significant impact on profitability.