Australian Retirement Trust (ART) is acquiring a 50% stake in Westfield Mt Gravatt, a super-prime regional shopping centre in Brisbane for A$885m (€543m) from Scentre Group.
The transaction will be the largest single-asset retail transaction completed in Australia this calendar year, if cleared by the national competition regulator.
Scentre will retain a 50% stake in the Brisbane shopping centre and will remain the property, leasing and development manager. ART’s long-term investment partner QIC will manage ART’s interest in the asset.
Michael Weaver, ART’s general manager mid risk assets, said: “At ART, we believe there is opportunity in the retail property market in Australia to generate strong long-term returns for members, especially for major assets that have demonstrated resilience.
“Through our partnerships with Scentre Group and QIC, we invest in the communities where Australians live, work and spend time.”
Weaver said the Westfield Mt Gravatt investment was a great example of how ART invests in local assets that directly contribute to Australia’s economic growth, jobs and opportunities.
Scentre Group CEO Elliott Rusanow said: “The group is very pleased to extend our strategic relationship with ART with this transaction which follows their 19.9% investment in Westfield Sydney. It demonstrates our ability to create long-term investment opportunities for our capital partner.
“Introducing new capital, through joint venturing our assets, forms a key part of our long-term strategic plan. In the last 13 months, we have announced approximately A$3.1bn of new third party capital coming into the group through the joint venturing of our assets.
“ART’s size allows us to invest in large, long-term assets that directly contribute to economic activity and employment,” he added.
QIC Real Estate managing director Deborah Coakley said the transaction represented another important step in helping ART build a portfolio of Australia’s highest-quality retail assets.
“We are pleased to support ART in achieving its strategic objectives through investment, due diligence, active investment management and a disciplined focus on long-term value creation,” Coakley said.
“The addition of Westfield Mt Gravatt complements ART’s investment in Westfield Sydney and reflects a disciplined approach to investing in assets with proven performance, strategic locations and long-term growth potential, while further strengthening the partnership between ART, QIC and Scentre Group.”
ART paid A$864m for a 19.9% interest in Westfield Sydney in February 2026.
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