Dexus ups stake in Australia’s second biggest mall
Dexus has bought another 25 per cent stake in Westfield Chermside from SCentre Group.
The deal is worth $683 million – a market capitalisation rate of five per cent.
The buyer will tip in $170m – a c49pc interest – with the balance to come from third party investors.
It will be the seed asset for the DSIT1, part of the newly unveiled Dexus Strategic Investment Trust series.
Into next year, as it seeks more investors, Dexus’ share in the fund is expected to drop to c$50m
Settlement is scheduled December 23 (continues below).
Dexus doubles down at Chermside
The deal comes five months since Dexus, on behalf of the Wholesale Shopping Centre Fund, paid SCentre $683m for an initial 25pc stake in the complex – Australia’s second biggest mall, with 175,550 square metres. The anchors are Apple, Big W, Coles, David Jones, Kmart and Woolworths. Sales last calendar year were c$1.35 billion from 17.6 million visits.
On 11.3 hectares, there are over 700 car parks.
Chermside is about 12 kilometres north of Brisbane’s CBD.
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