Australia’s Scentre buys 50% of Garden City Booragoon for $387 mln

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Dec 6 (Reuters) – Australian property manager Scentre Group said on Friday it acquired a 50% stake in Perth-based shopping centre Garden City Booragoon for A$570 million ($386.80 million).

Booragoon was fully owned by AMP Capital Diversified Property Fund, which will now become Scentre’s 50% joint venture partner.

“The transaction is expected to be marginally accretive to Scentre Group’s earnings from 2020,” the company said in a statement. ($1 = 1.4736 Australian dollars) (Reporting by Devika Syamnath in Bengaluru; Editing by Muralikumar Anantharaman)

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