Scentre Group sells 50% stake in Westfield Burwood to Perron Group for $575m

Company News

by Anna Napoli

Scentre Group (ASX: SCG) has sold a 50 per cent stake in Sydney's Westfield Burwood shopping centre to the Perron Group.

The Perth based Perron Group is set to pay $575 million to become a joint venture partner in the shopping centre.

The price represents a 4.1 per cent premium to Scentre Group’s book value at 31 December 2018.

The proceeds from the transaction will initially be used to repay debt. The forecast distribution for 2019 remains unchanged at 22.60 cents per security.

Shares in Scentre Group (ASX:SCG)  trading 0.65 per cent lower at $3.81.