Key points
- ART purchases 50% interest in Westfield Mt Gravatt for $882.5 million
- Transaction includes a 3.5% premium to the book values
- Scentre Group retains 50% ownership and management responsibilities
Full summary
Scentre Group (ASX: SCG) has announced that Australian Retirement Trust (ART) will purchase a 50% interest in Westfield Mt Gravatt, Brisbane, for $882.5 million. The transaction includes a 50% direct property interest for $870.0 million at a 5.50% capitalization rate and a 50% interest in adjacent land for $12.5 million. This represents a 3.5% premium to the book values as of December 2025. Scentre Group will retain the remaining 50% ownership and continue as the property, leasing, and development manager. The transaction is subject to regulatory clearance.
Guidance
Scentre Group expects to generate $882.5 million from the transaction, a 3.5% premium over book values.
Outlook
The joint venture with ART is part of Scentre Group's strategy to source capital and create long-term value for shareholders.