Westfield Mt Gravatt has gained a new co-owner after Australian Retirement Trust agreed to acquire a 50 per cent interest in the Brisbane shopping centre from Scentre Group for $882.5 million.
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The deal, announced on 24 August, has since received Australian Competition and Consumer Commission clearance, satisfying the final condition of the transaction. Scentre Group will retain the other 50 per cent interest and continue as the property’s property, leasing and development manager.
Major Stake Changes Hands
The transaction covers a 50 per cent direct property interest in Westfield Mt Gravatt valued at $870 million, based on a capitalisation rate of 5.50 per cent. Australian Retirement Trust will also acquire a 50 per cent interest in an adjacent parcel of sundry land for $12.5 million, taking the aggregate gross proceeds to $882.5 million.
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Scentre Group said the proceeds represented a 3.5 per cent premium to the property’s book value as at December 2025. The transaction is part of Scentre’s broader strategy of introducing third-party capital through joint ventures involving its property assets. The company said it had announced about $3.1 billion in new third-party capital over the previous 13 months through such arrangements.
A Busy Retail Destination
The Mt Gravatt shopping centre attracted more than 17 million customer visits during the previous year, according to Scentre Group. Businesses operating at the centre also generated total sales of more than $1 billion during that period, the company said.
Scentre Group chief executive Elliott Rusanow said the transaction would extend the company’s strategic partnership with Australian Retirement Trust. The arrangement allows Scentre to retain half of the ownership of Westfield Mt Gravatt while continuing to manage the property, leasing and development functions.
For the shopping centre, the transaction changes the ownership structure behind the property while leaving Scentre Group in its existing management role.
The Mt Gravatt deal follows an earlier transaction between Scentre Group and Australian Retirement Trust involving Westfield Sydney.
In December 2025, Scentre announced that Australian Retirement Trust would acquire a 19.9 per cent interest in Westfield Sydney for $864 million. The latest transaction expands Australian Retirement Trust’s investment alongside Scentre into another major Westfield property.
The Mt Gravatt deal has now cleared the ACCC’s competition review, with settlement expected before 30 September 2026. For shoppers and businesses at Mt Gravatt, the ownership change does not itself detail any immediate changes to the centre’s day-to-day operations.
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Instead, the key development is behind the scenes. Australian Retirement Trust will hold a 50 per cent interest in the centre, while Scentre Group will retain its 50 per cent stake and continue overseeing the property’s management, leasing and development.
Published 1-September-2026
