A new fund, managed by Dexus, will purchase a 25 per cent interest in Scentre Group’s Westfield Chermside, in Brisbane, for $683 million.

Once settled this month, Dexus’ stake in the shopping centre will increase to 50 per cent. Westfield will remain a 50 per cent partner in the asset and continue to act as property, leasing and development manager.

Westfield will invest an additional $50 million into the Dexus fund as a foundation investor for a “temporary period”.

“Following these transactions, approximately $1.3 billion of new capital will have been introduced into the group,” Scentre Group CEO Elliott Rusanow said.

“This is consistent with our long-term capital management strategy and provides the group with further capital to pursue our strategic objectives and deliver sustainable growth for our securityholders.” 

Westfield Chermside, located in Brisbane’s northern suburbs, has more than 176,500sqm of floor space. The four-storey shopping centre hosts 486 businesses and 7000 parking spaces.