UPDATE 1-Property firm Scentre buys half of Perth’s Garden City mall for $387 mln

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(Adds context about Westfield, details about Garden City shopping centre)

Dec 6 (Reuters) – Property manager Scentre Group said on Friday it bought a 50% stake in shopping centre Garden City Booragoon for A$570 million ($386.80 million), beefing up its Westfield-branded portfolio in Perth months after pruning its Sydney assets.

The mall, which houses local names such as Myer and Coles, as well global brands like Apple and Zara, will be renamed “Westfield Booragoon” and the deal comes when Scentre is flush with funds following its asset sales this year.

Westfield Booragoon’s trade area has an annual retail expenditure per capita 19% above the Perth average, the company said.

Scentre runs the Westfield-branded shopping malls in Australia since its split from the Westfield Corp in 2014.

Current owner AMP Capital Diversified Property Fund will now become a 50% joint venture partner, Scentre said, adding that the transaction is expected to be marginally accretive to earnings from 2020.

Scentre said it would push back the expansion of Westfield Stirling centre in Perth following the deal.

$1 = 1.4736 Australian dollars
Reporting by Devika Syamnath in Bengaluru; Editing by
Muralikumar Anantharaman and Sriraj Kalluvila

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