• Australian Retirement Trust (ART) to purchase 19.9% interest in Westfield Sydney for $864 million
• Scentre Group to retain 80.1% ownership and remain property, leasing and development manager
• Transaction demonstrates Scentre Group's ability to source capital and realize substantial value

Scentre Group (ASX: SCG) today announced the introduction of a new joint venture partner, Australian Retirement Trust (ART), which will purchase a 19.9% interest in Westfield Sydney for $864 million. The purchase price represents Scentre Group's book value at 30 June 2025 and a valuation capitalisation rate of 4.69%. Scentre Group will continue to own 80.1% of Westfield Sydney and will remain the property, leasing and development manager. Scentre Group Chief Executive Officer Elliott Rusanow said the transaction follows the recent joint venturing of 50% of Westfield Chermside in Brisbane with two Dexus funds for $1.3 billion. Introducing new capital through joint venturing of assets forms a key part of Scentre Group's long-term strategic plan. In 2001, Scentre Group acquired, aggregated and developed the Westfield Sydney precinct, investing $3.3 billion. In 2019, the Group sold the three office towers for $1.5 billion. Combined with today's announcement, Scentre Group has now realized approximately $2.4 billion from Westfield Sydney, with a remaining net investment of $0.9 billion and a valuation of $3.5 billion for the 80.1% interest, representing an almost 4-fold increase in capital investment since acquisition.