Australian Retirement Trust becomes Joint Venture Partner at Westfield Mt Gravatt

Scentre Group (ASX: SCG) today announced Australian Retirement Trust (ART) will purchase a 50% interest in Westfield Mt Gravatt, Brisbane for $882.5 million.

This transaction involves the sale of a 50% direct property interest in Westfield Mt Gravatt for $870.0 million at a capitalisation rate of 5.50%, and a 50% interest in an adjacent parcel of sundry land for $12.5 million. The aggregate $882.5 million of gross proceeds represents a 3.5% premium to the book values at December 2025.

Scentre Group will continue to own 50% of Westfield Mt Gravatt and will remain the property, leasing and development manager.

Scentre Group Chief Executive Officer Elliott Rusanow said: “We are very pleased to extend our strategic partnership with Australian Retirement Trust. Westfield Mt Gravatt is one of the most popular centres in south-east Queensland, visited by more than 17 million customers last year and generating total business partner sales in excess of $1.0 billion.

“Introducing new capital, through joint venturing our assets, forms a key part of our long-term strategic plan. In the last 13 months, we have announced approximately $3.1 billion of new third party capital coming into the Group through the joint venturing of our assets.

“Today’s announcement continues to demonstrate our ability to source capital to pursue the Group’s strategic objectives of creating long term value for securityholders.”

The transaction is subject to ART obtaining clearance from the Australian Competition & Consumer Commission.

Authorised by the Board.