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Scentre Group buys AMP Capital's 50% stake in Australian mall for A$570M

Scentre Group bought a 50% interest in the Garden City Shopping Centre in the Booragoon suburb of Perth, Australia, from AMP Capital Diversified Property Fund for A$570 million.

Following the transaction, the retail property will be renamed Westfield Booragoon. It is home to tenants including Myer, David Jones, Kmart, Coles, Woolworths, Hoyts Cinemas and more than 160 specialty stores including Apple, Zara and JB Hi Fi, according to a Dec. 6 news release.

The retail-focused real estate investment trust added that it expects the acquisition, which reflects a roughly 5.5% economic yield, to be marginally accretive to its earnings from 2020 and to increase its gearing to 31.7%.

Scentre reaffirmed its forecast of a 0.7% improvement in its FFO per security for full year 2019, as well as a 2% year-over-year growth in distribution to 22.60 Australian cents per security.