Scentre Group has released another strong quarterly update with New Zealand specialty sales up by 6.3 per cent compared to the previous corresponding period. The shopping centre owner, manager and developer’s portfolio is almost completely leased with 99.5 per cent occupancy.
Scentre Group, owner of Westfield shopping malls in Australia and New Zealand, said it expects a three per cent increase in funds from operations in 2016, with a likely two per cent increase in distribution to 21.3 cents per security.
The group’s $155 million redevelopment at Casey Central in Victoria has been completed, with 84 new speciality stores, a new full line Coles Supermarket adjoining a fresh food precinct, a new format Target discount department store, an Aldi supermarket and a casual dining precinct. The final stage is scheduled to be completed in September 2016 with the opening of a new Woolworths supermarket.
Scentre has commenced developments at Westfield Chermside and Westfield North Lakes in Queensland with the SCG share valued at $425 million.
