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  • The operator of Westfield shopping centres, Scentre Group (SCG), is closing in pre-COVID levels of foot traffic as near-maximum occupancy rates hold steady
  • Customer visitation through the group’s portfolio was 93 per cent of 2019 levels at the end of April 2021, while occupancy remained unchanged from the end of 2020 at 98.5 per cent leased at the end of March 2021
  • Scentre has collected $802 million in total rental billings at the end of April, including $601 million in the first quarter to March 31, 2021
  • The company also completed 588 lease deals, including 236 new merchants, introducing 35 new brands to the portfolio, during the quarter
  • The group plans to distribute at least 14 cents per security in 2021, assuming no significant changes in conditions, and predicts this rate to increase in the coming years
  • SCG fell 0.92 per cent and is trading at $2.69 per share at the end of the trading day

The operator of Westfield shopping centres, Scentre Group (SCG), is closing in pre-COVID levels of foot traffic as near-maximum occupancy rates hold steady.

Customer visitation through the group’s portfolio was 93 per cent of 2019 levels at the end of April 2021, while occupancy remained unchanged from the end of 2020 at 98.5 per cent leased at the end of March 2021.

Scentre has collected $802 million in total rental billings at the end of April, including $601 million in the first quarter to March 31, 2021.

This is an increase of 27 per cent or $169 million compared to the four months to April 30, 2020.

The company also reported that it completed 588 lease deals, including 236 new merchants, introducing 35 new brands to the portfolio, during the quarter.

For the three months to March 31, 2021, specialty sales across the total portfolio — including all centres — were up 6.3 per cent and majors sales were down 0.4 per cent.

The Westfield Plus membership program has proven popular, with the company reporting the program now has more than 1.65 million members, an increase of more than 400,000 members this year.

In their report for 2020, the company said it had 450 million customer visits, which spent $22 billion in the malls and collected $2,059 million in gross rent collections, including $641 million during Q4 2020.

Westfield Mt Druitt’s $55 million entertainment, recreation, and dining precinct is on track to open by the end of 2021, according to the company.

Works on behalf of Cbus Property to design and construct the residential and commercial tower in Sydney’s CBD are processing well, according to the company, and completion is expected in 2023.

The group stated that it plans to distribute at least 14 cents per security in 2021, assuming no significant changes in conditions, it predicts this rate to increase in the coming years. It last paid a seven cents per share final dividend in late February.

SCG fell 0.92 per cent and is trading at $2.69 per share at the end of the trading day.

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