Scentre Group and Barrenjoey have acquired half of the Westfield West Lakes shopping centre in Adelaide for $174.75M.
Simon Rooney, Head of Retail Capital Markets – Pacific at CBRE, negotiated the deal on behalf of the Dexus Wholesale Property Fund.
This marks Scentre Group’s second venture into funds management following its acquisition of a 50 per cent stake in Westfield Tea Tree for $308M last June.
“Ahead of Scentre Group exercising its pre-emptive right, the Westfield West Lakes opportunity garnered strong domestic and offshore investor interest,” said Rooney. “The West Lakes transaction demonstrates the resurging investor interest in larger regional shopping centres, given that these centres have already rebased their income back to sustainable levels and are now positioned for growth.”
