Australian Retirement Trust becomes a new joint venture partner at Westfield Sydney

Scentre Group (ASX: SCG) today announced the introduction of a new joint venture partner, Australian Retirement Trust (ART), which will purchase a 19.9% interest in Westfield Sydney for $864 million.

The purchase price represents Scentre Group’s book value at 30 June 2025 and a valuation capitalisation rate of 4.69%.

Scentre Group will continue to own 80.1% of Westfield Sydney and will remain the property, leasing and development manager.

Scentre Group Chief Executive Officer Elliott Rusanow said: “We are very pleased to establish a new strategic partnership with Australian Retirement Trust. Westfield Sydney is an iconic destination located in the heart of Sydney’s CBD, visited by more than 33 million customers each year and generating total business partner sales in excess of $1.1 billion.

“This transaction follows the recent joint venturing of 50% of Westfield Chermside in Brisbane with two Dexus funds for $1.3 billion.

“Introducing new capital, through joint venturing our assets, forms a key part of our long-term strategic plan. During 2025, we have announced approximately $2.2 billion of new third party capital coming into the Group through the joint venturing of our assets.

“In 2001 Scentre Group – and previously Westfield Group – acquired, aggregated and subsequently developed the Westfield Sydney precinct. The mixed-use development undertaken by the Group since our ownership included 97,500 sqm of retail and 74,000 sqm of office space across three office towers.

“Over this time, the Group has invested $3.3 billion into the Westfield Sydney precinct.

“In 2019, the Group sold the three office towers for $1.5 billion.

“Combined with today’s announcement, Scentre Group has now realised approximately $2.4 billion from Westfield Sydney.

“As a result, our net investment in Westfield Sydney is now $0.9 billion and our remaining 80.1% interest is valued at $3.5 billion. This represents an increase of almost 4 times our capital investment in Westfield Sydney since acquisition.

“Today’s announcement, and our recent announcements regarding Westfield Chermside, demonstrate our ability to source capital, create extraordinary destinations and realise substantial value for our securityholders.”

Settlement is expected in early February 2026.

Authorised by the Board.