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Sign in Sign up for a FREE subscriptionAustralia’s Scentre sells stake in Sydney shopping center for $396m
Australian shopping mall owner Scentre Group has sold its 50 percent stake in Westfield Burwood, located in Sydney, for A$575 million ($396 million).
The new owner of the 63,248-square-meter (680,796-square-foot) retail property is Perron Group.
The asset has more than 230 stores, and it is anchored by a David Jones, Kmart, Target, Event Cinemas, Coles and Woolworths. The mall is among Australia’s top 50 centers with more than 14 million customers a year and total turnover from retail sales of close to A$500 million ($344 million).
Perron Group already owns 50 percent stakes in Westfield Woden in Canberra, Westfield Airport West in Melbourne and Westfield Geelong in the Victorian city of Geelong.
The seller, which will continue to manage the shopping center, said it would initially use the proceeds to repay debt. Scentre Group owns 15 shopping centers in New South Wales, representing almost 40 percent of its portfolio on a gross lettable area basis.
