This article is from the Australian Property Journal archive
JY Group has confirmed its $195 million acquisition of a half-stake in Westfield Whitford City from Singaporean sovereign wealth fund GIC after Scentre Group opted against taking full control of the Perth asset, as deal-making momentum in the retail sector continues to build.
Scentre Group held its share of Westfield Whitford City on its books at $230 million at the end of June.
Located in the northern Perth suburb of Hillarys, Westfield Whitford City has 88,880 sqm and is anchored by supermarkets Coles, Woolworths and Aldi, and discount department stores Kmart and Big W.
It underwent an $80 million redevelopment in 2017 that introduced dining and entertainment, and more upgrades were finalised last year.
The centre is on 235,000 sqm of land and there is is development approval in place for 90 apartments and an office block.
Moving annual turnover lifted 7.5% year-on-year to $513.6 million.
The deal comes hot on the heels of Scentre Group and Barrenjoey confirming their $174.75 million purchase of a half-stake in Adelaide’s Westfield West Lakes – which Scentre Group is already the co-owner and manager of. Scentre Group stepped into the transaction under a pre-emptive agreement, and which marked its second foray into funds management following the June buy of a 50% interest in Westfield Tea Tree Plaza for $308 million alongside Barrenjoey.
More than $1 billion worth of regional retail assets have recently change hands, with Western Australian assets central to the recent run of transactions, including Vicinity Centre nabbing a 50% stake in Lakeside Joondalup at a hefty discount to the asset’s peak value, and Hawaiian taking full control of Claremont Quarter.
There is an estimated $1.3 billion in further deals currently in play.
This month has also seen unlisted property fund manager ISPT put up for sale a 50% interest in the $276 million Cranbourne Park Shopping Centre in Melbourne’s south-east corridor, while Queensland’s biggest retail transaction to date 2024 was sealed with the Dexus Wholesale Property Fund and Melbourne-based fund manager Fawkner trading the Willows Shopping Centre in Townsville in a $212 million deal.
