Scentre completes developments
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Scentre Group has reported occupancy of 99.5% in its centres in the September quarter and a 2% increase in specialty sales compared to a year earlier. It also detailed the opening of four redevelopments at a cost of over $1bn.
Over 40 per cent of Westfield Coomera, the company's first greenfield project, is dedicated to dining, entertainment and other 'service' style offerings. There's also a dedicated outdoor space designed for kids and families, which is a clear example of the company's focus on driving traffic by creating experiences for the customer. Along similar lines, the Westfield Carousel redevelopment now boasts an open-air rooftop dining and entertainment precinct.
The company also reconfirmed its forecast for a 4% increase in profits for the year to December and a 2% increase in the distribution, to 22.16 cents per share. That amounts to a yield of around 5.5% at current prices. HOLD.
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