Scentre Group: Interim result 2015

After last year’s restructure of the Westfield empire, Scentre Group is following a similar strategy to Westfield Corp.

Along with its interim result, Scentre Group announced the $783m sale of four ‘non-core’ Australian shopping centres. The sold centres are characterised by disappointing performances from specialty retailers, whose sales averaged $7,376 per square metre in the six months to June, compared to $10,556 in the group’s remaining 34 Australian shopping centres. Worse still, Scentre received a lower percentage of specialty retailers’ sales as rent in the centres sold.

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