Join our daily newsletter At The Bell to receive exclusive market insights
- Dexus’s unlisted Dexus Wholesale Property Fund (DWPF) acquires an additional 25 per cent stake in Westfield Warringah Mall, Brookvale for approximately $410 million
- The transaction brings DWPF’s investment to 50 per cent, with Scentre Group owning the remaining half
- “The acquisition represents relative value compared to other asset classes in a post pandemic environment,” Fund Manager Michael Sheffield says
- The transaction is scheduled to close in December 2021
Dexus today announced that Dexus Wholesale Property Fund (DWPF) has exchanged contracts to buy an additional 25 per cent stake in Westfield Warringah Mall, Brookvale for approximately $410 million.
The transaction brings DWPF’s investment to 50 per cent, with Scentre Group owning the remaining half.
Westfield Warringah Mall is a prominent retail hub on Sydney’s Northern Beaches, featuring Myer and David Jones department stores, Big W and Kmart discount department stores, Woolworths and Coles supermarkets, Hoyts cinema, and Bunnings as key tenants.
The three-level shopping centre has undergone various extensions and renovations, and it now offers long-term mixed-use redevelopment and repositioning options.
“This acquisition increases DWPF’s interest in a well-performing super regional retail asset which is expected to benefit from embedded development opportunities,” Michael Sheffield, DWPF Fund Manager, said.
“The acquisition represents relative value compared to other asset classes in a post pandemic environment.”
DWPF is an unlisted open-ended property fund that presently has interests in a diverse $16 billion portfolio of office, retail, and industrial buildings across Australia.
The transaction is scheduled to close in December 2021.
