Australian Retirement Trust (ART) has entered into an agreement to acquire a 19.9 percent interest in retail centre Westfield Sydney for A$864 million ($579 million), in the largest single-asset CBD retail transaction in Australia.
ART will acquire the interest from ASX-listed Scentre Group in early 2026. Upon completion of the transaction, QIC will act as investment manager for ART’s interest while asset management is retained by Scentre Group.
Michael Weaver, ART’s general manager mid-risk assets and UK, said Westfield Sydney was one of Australia’s most well-known retail assets with strong long-term fundamentals.
“Westfield Sydney is among Australia’s premier retail destinations that has consistently demonstrated strong performance and resilience through economic cycles,” said Weaver.
Westfield Sydney is one of Australia’s most visited shopping centres, commanding annual footfall of more than 33 million visits in 2024, or on average 91,780
