This article is from the Australian Property Journal archive
PROPERTY legend Frank Lowy has presided over his final AGM as chairman of Scentre Group.
Scentre returned strong continued growth in retail sales, with comparable specialty sales up by 4.5% in Australia to $10,905 per sqm, and up by 6.3% in New Zealand to NZ$12,257 per sqm. The portfolio remains 99.5% leased.
Scentre has forecast distribution to grow this year by 2% to 21.3 cents, based on forecast increases of 2.5-3.0% in net operating income and of 3.0% in funds from operations.
Lowy said since the separation of Westfield Group into two separate listed entities – Scentre Group and Westfield Corporation – both have been in the top 10 companies in the ASX 50 in terms of total return to securityholders in that period.
“Since the restructure, the combined market cap of both entities has risen from $30 billion to almost $48 billion, an increase of $18 billion.
“Those Westfield Group and Westfield Retail Trust securityholders who participated in the merger have seen the value of their holdings rise by around 50% since the restructure in June 2014,” he added.
Lowy will be replaced as chairman by Brian Schwartz.
Also stepping down alongside Lowy on the board was non-executive director Dick Warburton, who was previously chairman of Westfield Retail Trust and oversaw the merger of Westfield Retail Trust with Westfield’s Australian and New Zealand business.
Australian Property Journal
