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Dexus Stake snaps up stake in Westfield Chermside as shopping malls seize the limelight
Westfield Chermside was packed with shoppers during the Black Friday sales.
After languishing in the doldrums during the Covid pandemic, large shopping malls have jumped back into favour with big institutions.
The closing months of the year have witnessed a dramatic flurry of large-scale shopping centre sales, more reminiscent of the action a decade ago when they were at the top of the investment tree.
In those days, the billionaire Lowy family was still running the Westfield empire and big landlords resembled developers, with ambitious expansion agendas to roll out more space across the nation. This all came to a halt even before the pandemic struck as the threat of e-commerce sapped confidence across the industry. This set back even the best operators and very few new malls have opened since then.
Westfield owner Scentre sells off $1.3b interest in Brisbane mall
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Australia’s biggest shopping centre owner, Scentre, which operates Westfield malls, is accelerating plans to divest interests in its properties as it pursues an ambitious development program including housing, completing a two-step $1.3 billion sale of stakes in one of Brisbane’s biggest malls.
On Friday, Scentre confirmed it has sold a quarter stake in Westfield Chermside to Dexus, another prominent ASX-listed property player, following a similar deal in July. Sold into separate Dexus-run funds, each 25 per cent stake was exchanged for $683 million, in line with book value.
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ASX Preview: Australian Shares Set to Rise Amid Tech Valuation Concerns; Scentre's JV Partner to Buy 25% Stake in Brisbane Shopping Center
Australian shares are poised to rise on Friday amid increased concerns about lofty valuations for US artificial intelligence firms. Overnight, the Dow Jones Industrial Average and the S&P 500 rose 1.3% and 0.2%, respectively, while the Nasdaq Composite fell 0.3%. In corporate news, Scentre Group (ASX:SCG) said its joint venture partner, Dexus Wholesale Shopping Centre Fund (DWSF), will buy a 25% stake in Westfield Chermside, a Brisbane shopping center owned and operated by the company. Treasure Jim Chalmers backed the Foreign Investment Review Board's decision to not oppose Hanwha Group's proposal to raise its stake in Austal (ASX:ASB) to 19.9% from 9.9%. Australia's benchmark index rose 0.2% or 12.6 points to close at 8,592 on Thursday.
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