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Report: UBS markets A$815M Scentre stake on behalf of unnamed vendor

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Report: UBS markets A$815M Scentre stake on behalf of unnamed vendor

UBS Group AG is selling a stake in Scentre Group worth A$815 million on behalf of an unnamed shareholder, The Australian Financial Review's Street Talk reported Oct. 16, citing unnamed sources.

Fund managers cited by the blog named the Lowy family as the vendor, which is looking to sell all of its "direct security holding" in the retail-focused real estate investment trust.

The investment bank is offering each share at A$3.956, reflecting a 1.3% discount to Scentre's A$4.01-per-share closing price.

Scentre owns and operates 41 Westfield-branded properties in Australia and New Zealand and has A$54.2 billion of assets under management and A$39.1 billion of ownership interests in various shopping centers, according to its website. The company was formerly part of Westfield Group and was created following its merger with Westfield Retail Trust.