Dexus Acquires 25% Stake in Westfield Chermside for AUD 680 Million

Dexus Wholesale Shopping Centre Fund has agreed to acquire a 25% stake in Westfield Chermside in Brisbane from Scentre Group for approximately AUD 680 million. The deal, valued at AUD 683 million, will see Scentre Group remain as property, leasing, and development manager for the shopping centre. The proceeds from the transaction will be used by Scentre Group to pursue its strategic objectives.

Dexus Wholesale Shopping Centre Fund has agreed to acquire a 25% stake in Westfield Chermside in Brisbane from Scentre Group for approximately AUD 680 million. The deal, valued at AUD 683 million, will see Scentre Group remain as property, leasing, and development manager for the shopping centre. The proceeds from the transaction will be used by Scentre Group to pursue its strategic objectives.

Westfield Chermside, located 20 minutes north of Brisbane's CBD, is Australia’s second-largest regional shopping centre by both sales and gross lettable area. The centre generated $1.35 billion in total annual retail sales and attracted 17.6 million customer visits in the last calendar year. It houses major anchor tenants including David Jones, Myer, BIG W, Kmart, Target, Coles, Woolworths, and Apple, alongside an Event Cinemas complex. The centre features approximately 476 speciality stores, including Sephora, Uniqlo, and numerous local and international brands, complemented by a leisure and dining precinct.

The acquisition aligns with Dexus's strategy of owning market-leading retail assets with strong growth potential. The deal reinforces the continued appeal of premium regional shopping centres among institutional investors despite broader sector challenges. For Dexus, the acquisition strengthens its retail property portfolio with a proven high-performing asset in a strategic Brisbane location.

Scentre Group CEO Elliott Rusanow emphasized that sourcing new capital through joint ventures remains a key component of the company’s capital management strategy. "Since the start of the Covid-19 pandemic, the Group has been successful in sourcing funding through innovative and various sources, without diluting security holder equity," Rusanow said. The transaction represents another step in Scentre Group’s long-term funding strategy, with proceeds providing additional capital to pursue strategic objectives focused on creating long-term value for security holders.

The deal completion will be subject to standard regulatory approvals and closing conditions typical for large-scale commercial property transactions. The arrangement allows Scentre Group to realize value from its asset while maintaining its management role and development pipeline.

References:
[1] https://www.channelnews.com.au/dexus-acquires-25-of-westfield-chermside-for-683-million-in-major-retail-deal/
[2] https://www.tradingview.com/news/reuters.com,2025:newsml_FWN3TJ181:0-scentre-group-introduces-new-jv-partner-for-westfield-chermside-brisbane/