• Dexus managed fund to purchase 25% interest in Westfield Chermside, Brisbane for $683 million
• Scentre Group to own 50% of Westfield Chermside directly and remain property, leasing and development manager
• Scentre Group to invest $50 million into the new Dexus managed fund as a foundation investor

Scentre Group has announced a new joint venture partnership with a Dexus managed fund for a 25% interest in Westfield Chermside, Brisbane for $683 million. The purchase price represents Scentre Group's book value at 30 June 2025 and a valuation capitalisation rate of 5.00%. This transaction follows the introduction of the Dexus Wholesale Shopping Centre Fund (DWSF) as a 25% joint venture partner in Westfield Chermside in July 2025. Upon completion, Scentre Group will own 50% of Westfield Chermside directly and remain the property, leasing and development manager. Scentre Group will invest $50 million into the new Dexus managed fund as a foundation investor. This investment in the fund is expected to be held for a temporary period. Scentre Group CEO Elliott Rusanow stated that these transactions will introduce approximately $1.3 billion of new capital into the Group, which is consistent with the company's long-term capital management strategy and provides further capital to pursue strategic objectives and deliver sustainable growth for securityholders.

Scentre Group expects to receive approximately $683 million from the sale of a 25% interest in Westfield Chermside, Brisbane to a Dexus managed fund. This transaction is expected to be completed before the end of 2025.