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

Scentre Group (ASX: SCG) today announced the Dexus Wholesale Shopping Centre Fund (DWSF) 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%.

Scentre Group will remain Property, Leasing and Development Manager for the joint venture.

Scentre Group CEO Elliott Rusanow said “We are pleased to introduce DWSF as our new joint venture partner at Westfield Chermside.

“Sourcing new capital through joint ventures continues to form a key part of the Group’s capital management strategy.

“Since the start of the COVID-19 pandemic, the Group has been successful in sourcing funding through innovative and various sources, without diluting securityholder equity. Today’s announcement is another step in the Group’s long term funding strategy.

"The proceeds from this transaction will provide the Group with further capital to pursue our strategic objectives of creating long term value for securityholders.”

The Group reconfirms that subject to no material change in conditions, the Group’s target for FFO is 22.75 cents per security for 2025, representing 4.3% growth for the year.

Distributions are expected to grow by 2.5% for 2025 to 17.63 cents per security.

The Group will announce its results for the six months to 30 June 2025 on 26 August 2025.

Authorised by the Board.