Dexus Thursday said that Dexus Wholesale Property Fund (DWPF) has agreed to acquire an additional 25% interest in Westfield Warringah Mall, Brookvale for circa A$410 million, increasing DWPF’s interest to 50%, with Scentre Group retaining ownership of the remaining 50% interest.
Westfield Warringah Mall is a dominant retail centre in Sydney’s Northern Beaches, anchored by Myer and David Jones Department Stores, Big W and Kmart Discount Department Stores, Woolworths, and Coles Supermarkets, Hoyts Cinema, and Bunnings.
The three-level shopping centre has undergone numerous additions and refurbishments and provides mixed-use redevelopment and repositioning opportunities over the long-term.
Michael Sheffield, DWPF Fund Manager, said: “This acquisition increases DWPF’s interest in a well-performing super regional retail asset which is expected to benefit from embedded development opportunities. The acquisition represents relative value compared to other asset classes in a post pandemic environment.”
The acquisition is expected to settle in December 2021