Scentre Group report $1.1b developments completed

Company News

by Rachael Jones

Scentre Group (ASX:SCG) today released its operating update for the third quarter to 30 September 2018 highlighting four recent redevelopment openings exceeding $1 billion.

The shopping centre company has retail destinations operating under the Westfield brand in Australia and New Zealand.

Redevelopments at Westfield Carousel, Westfield Kotara and Westfield Tea Tree Plaza, their first greenfield at Westfield Coomera and Westfield Plenty Valley earlier in the year have collectively added over hundred thousand square metres to the portfolio.

The $350 million Westfield Carousel redevelopment in Perth opened its doors in August.

They reconfirms forecast funds from operations growth for the 12 months ending 31 December 2018 of approximately 4 per cent.

Shares in the Scentre Group (ASX:SCG) are up 0.25 per cent to $3.94.