Major deal to extend quality of retail property portfolio
Perron Group has purchased a 50% joint venture interest in the Westfield Burwood Shopping Centre in Sydney from the Scentre Group.
Managing Director and CEO, Ross Robertson said the $575 million transaction demonstrated the Group’s ongoing commitment to high quality retail investment.
“This is our first major transaction since the passing of our deeply respected founder, Mr Stan Perron late last year,” said Mr Robertson.
“We are delighted to be co-owning Westfield Burwood with Scentre Group, a property centre manager and developer of whom we have the greatest respect.
“This acquisition is part of a strategy to consolidate the quality of the Perron Group shopping centre portfolio, which will now consist of joint or full ownership of 13 shopping centres across Australia,” he said.
The Perron Group and Scentre Group share ownership of three other major shopping centres across Australia: Westfield Geelong, Westfield Airport West in Melbourne and Westfield Woden in Canberra.
In addition to its retail holdings, the Perron Group’s property portfolio includes two major commercial holdings: Central Park in Perth’s CBD and 201 Elizabeth Street in Sydney.