Australian Retirement Trust (ART) is buying a 19.9 per cent interest in Westfield Sydney for $864M, making it the new joint venture partner at the shopping centre.
Scentre Group will continue to own 80.1 per cent of the centre and will remain the property, leasing and development manager. The purchase price represents Scentre’s book value at 30 June 2025 and a valuation capitalisation rate of 4.69 per cent.
Located in the heart of Sydney’s CBD, Westfield Sydney boasts approximately 97,500sq m of gross lettable area and is visited by more than 33 million customers each year. It generated total business partner sales in excess of $1.1bn in 2024.
“Introducing new capital, through joint venturing our assets, forms a key part of our long-term strategic plan,” said Scentre Group CEO Elliott Rusanow. “During 2025, we have announced approximately $2.2bn of new third party capital coming into the Group through the joint venturing of our assets.”
Scentre Group has invested $3.3bn into Westfield Sydney since it took ownership of the retail precinct in 2001.
