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Transactions - DECEMBER 6, 2019

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Scentre Group pays $386m for 50% of Australian mall

by Andrea Zander

Property manager Scentre Group has purchased a 50 percent stake in shopping center Garden City Booragoon in Australia for A$570 million ($386.80 million).

Booragoon was wholly owned by the AMP Capital Diversified Property Fund, which will now become Scentre’s 50 percent joint venture partner. Scentre manages the Westfield-branded shopping malls in Australia since its split from the Westfield Corp. in 2014.

The property, which will be renamed Westfield Booragoon, is located approximately 13.5 kilometers (eight miles) southwest of the Perth CBD.

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