Scentre Group introduces new joint venture partner for a further 25% interest in Westfield Chermside, Brisbane for $683 million

Scentre Group (ASX: SCG) today announced a new Dexus managed fund will purchase a 25% interest in Westfield Chermside, Brisbane for $683 million.

The purchase price represents Scentre Group’s book value at 30 June 2025 and a valuation capitalisation rate of 5.00%.

The transaction follows the introduction of the Dexus Wholesale Shopping Centre Fund (DWSF) as a 25% joint venture partner in Westfield Chermside in July 2025.

Upon completion, Scentre Group will own 50% of Westfield Chermside directly and remain the property, leasing and development manager.

Scentre Group will invest $50 million into the new Dexus managed fund as a foundation investor. This investment in the fund is expected to be held for a temporary period.

Scentre Group Chief Executive Officer Elliott Rusanow said: “Following these transactions, approximately $1.3 billion of new capital will have been introduced into the Group.

“This is consistent with our long-term capital management strategy and provides the Group with further capital to pursue our strategic objectives and deliver sustainable growth for our securityholders.”

Settlement is expected before the end of the year.

Authorised by the Board