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Scentre in $575m Westfield Burwood deal

Scentre has sold a 50 per cent stake in Sydney’s Westfield Burwood shopping centre for $575 million.

The deal with Perth-based Perron Group represents a 4.1 per cent premium to the centre’s $1.1 billion book value in last year’s annual report.

“This transaction highlights the value of Scentre Group’s extraordinary platform of 41 Westfield living centres,” Scentre chief executive Peter Allen said on Monday.

“The proceeds will provide the group with further capital to pursue our strategic objectives of creating long-term value for securityholders.”

Scentre will use the proceeds to repay debt.

The transaction is expected to be dilutive to funds from operations per security by approximately 0.2 cents per security over the full year, but Scentre’s forecast distribution remained unchanged at 22.60 cents per security.

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