ART in play for shopping centre stake
SCentre is selling a stake in another shopping centre, this time in Sydney.
The 19.9 per cent interest in Westfield Sydney, on the Pitt Street Mall, is collecting $864 million – a 4.69pc capitalisation rate.
Australian Retirement Trust, or ART, is the buyer.
The deal comes a week since we reported SCentre sold two Dexus funds a 25 per cent share of Westfield Chermside, in Brisbane, for $683m.
Westfield Sydney
With c91,249 square metres over seven floors, Westfield Sydney is also connected to Castlereagh and Market streets.
With 266 stores, Myer is the anchor.
There is also a JB Hi Fi, Zara and a section for luxury retailers including Balenciaga, Chanel and Valentino (continues below).
A c6000 sqm expansion was completed this year.
Formed in 2022 with the merger of SunSuper and QSuper, ART is the country’s second biggest super fund, managing c$330b for some 2.4 million members.
In Melbourne meanwhile, Drivas Property group and the Dodaro family, both Sydney based, are Shayher Group are buying the Bourke Street Mall’s historic GPO building from ISPT.
Now a retail investment leased to H&M, the deal is worth $87m.
ISPT paid $81m in 2006.
The property failed to sell after a public marketing campaign two years ago.
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