Australia's Scentre rises on new JV partner for Brisbane shopping centre

Scentre

12/12/2025 03:58

** Shares of Australia's Scentre Group SCG.AX jump as much as 1.7% to A$4.23, their highest level in a month

** Retail property manager says new fund, managed by commercial real estate asset firm Dexus DXS.AX, will purchase 25% interest in Westfield Chermside, Brisbane for A$683 million ($455.15 million)

** Another fund, Dexus Wholesale Shopping Centre Fund (DWSF) purchased 25% interest in Westfield Chermside in July

** Scentre says it will retain 50% of Westfield Chermside, upon deal completion

** Adds, Scentre will invest A$50 million into the new Dexus fund, Dexus Strategic Investment Trust 1, as foundation investor

** Stock up 22.3% YTD, including session's moves

($1 = 1.5006 Australian dollars)

(Reporting by Aamir Sheik Khalid in Bengaluru)

((Aamir.SheikKhalid@thomsonreuters.com))