Corrected: Scentre to sell half of Queensland shopping centre for $632 mln

Scentre

24/08/2026 08:09

Corrects headline and first bullet to drop references to Westfield brand
By Kumar Tanishk
Aug 24 (Reuters) - Scentre Group SCG.AX said on Monday Australian Retirement Trust will acquire a 50% stake in its Queensland shopping centre Westfield Mt Gravatt for A$882.5 million ($632.22 million), a 3.5% premium to the property's December 2025 book value.    

Here are some other details:
Over the past 13 months, Scentre has attracted A$3.1 billion in third-party capital by forming joint ventures around its assets under a long-term plan.
The Queensland shopping centre attracted more than 17 million customer visits in the prior year and generated business partner sales exceeding A$1 billion, Scentre said.
The group will retain management responsibilities.
The deal includes the sale of a 50% direct property stake for A$870 million based on a 5.50% property yield and a 50% stake in adjacent land for A$12.5 million.
Selling assets at sub-cost-of-capital yields is value-accretive, while retaining a 50% stake and full-property fee streams preserves meaningful exposure and unlocks capital for higher-value redeployment, said Emanuel Ajay Datt, MD of Datt Group.
"We expect this transaction will firm up Scentre's ability to distribute income to shareholders​," Datt said.
The trust had acquired a nearly 20% interest in Scentre’s flagship Westfield Sydney mall for A$864 million last year.
Peer Vicinity VCX.AX, which owns centres including Queen Victoria Building in Sydney, has also been active in acquisitions. In May 2026, it purchased Eastern Creek Quarter in western Sydney from Frasers Property FRPL.SI for A$400 million.
Scentre shares have traded in a range of A$3.28 to A$4.24 over the past year and have fallen more than 13% from their January peak. Its shares closed flat on the day.
($1 = 1.3959 Australian dollars)

 (Reporting by Kumar Tanishk in Bengaluru; Editing by Subhranshu Sahu)
 ((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk;))