Dexus fund acquires additional 25% interest in Westfield Warringah Mall for $410 million

HeroBanner

Westfield Warringah Mall is a dominant retail centre in Sydney’s Northern Beaches

Avatar photo

Shopping Centre News

November 18 2021

5min read

Share this Article

Comment Below

Dexus Wholesale Property Fund (DWPF) has exchanged contracts to acquire an additional 25% interest in Westfield Warringah Mall for circa $410 million, increasing DWPF’s interest to 50%, with Scentre Group retaining ownership of the remaining 50% interest and ending AMP Capital’s 27-year involvement in the Centre.

Westfield Warringah Mall is a super-regional retail centre located 15 kilometres from the Sydney CBD in Sydney’s affluent North. One of the largest shopping centres in the area with a GLA of 131,441m2, the centre currently caters to a trade area population in excess of 335,000 residents, with a total accessible market of 870,000 residents.

The centre is anchored by Myer and David Jones Department Stores, Big W and Kmart Discount Department Stores, Woolworths, and Coles Supermarkets, HOYTS Cinema, Bunnings. Alongside 360 specialty stores, the centre also offers an exciting mix of international and local brands including Sephora, Mecca Maxima and Scotch & Soda.

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 three-level shopping centre has undergone numerous additions and refurbishments and provides mixed-use redevelopment and repositioning opportunities over the long term.

The total retail spend per capita for the Westfield Warringah Mall Total Trade Area was estimated at $18,067 per annum in 2020, which is 21% above the Sydney Metro average ($14,982).

DWPF is an open-ended unlisted property fund that owns interests in a diversified $16.0 billion portfolio of office, retail and industrial properties located throughout Australia.

In April 2021, DWPF’s proposed merger with the AMP Capital Diversified Fund (now referred to as Dexus ADPF) was approved by both sets of unitholders, further diversifying DWPF’s portfolio and investor base while solidifying its position as a globally significant diversified real estate wholesale fund.

The Fund’s vision is to be the pre-eminent Australian core diversified fund, with a strategy of investing in a portfolio of core and enhanced return assets to deliver diversified returns, while enhancing returns through active asset management. DWPF is managed by Dexus.

The acquisition is expected to settle in December 2021.

About the author

Avatar photo

Shopping Centre News

View all posts
Shopping Centre News (SCN) is in the ‘information business’, and is perceived as such by its readers. Daily industry news makes shoppingcentrenews.com.au a must-visit as part of the morning routine for those who want to keep right across the latest retail developments and events, while SCN's premium magazine is the leading publication for the shopping centre industry in Australia and New Zealand. Known as the ‘industry bible’ SCN is printed five times a year with fascinating, in-depth features and important critical analysis written by known industry insiders as well as the popular ‘Guns’ reports, which ranks Australian shopping centre performances. Shopping Centre News is the only publication in the world that features centre statistics on Turnover, Turnover per square metre and Specialty Shop turnover per square metre for every major centre in Australia.
View all posts

comments

Leave a Reply

SUBSCRIBE TO RECEIVE OUR FREE E-NEWSLETTER

Get the latest industry news and insights delivered to your inbox

Responsivemockup2