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Scentre Group
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Scentre Group Limited is a shopping centre company with retail destinations operating under the Westfield brand in Australia and New Zealand. The corporation undertakes ownership, development, design, construction, funds/asset management, property management, leasing, and marketing activities for its centres. The group was created in June 2014 when the Westfield Group separated its American and European businesses from its operations in Australia and New Zealand.[4] The company is listed on the Australian Securities Exchange and had a shopping centre portfolio that includes investment interests in 42[5] shopping centres across Australia and New Zealand in 2019, encompassing around 12,544 retail outlets and total assets under management in excess of A$39.4 billion in 2015.[2]

Key Information

History

[edit]

Scentre Group has origins in the western suburbs of Sydney. The first development was named "Westfield Place", and opened in July 1959 in Blacktown.[6] The name Westfield is derived from "west" related to the West-Sydney location, and "field" due to having located on subdivided farmland. John Saunders and Frank Lowy opened the centre.[6]

The company was floated on the Australian Stock Exchange in 1960 and built another five centres in New South Wales before expanding into Victoria and Queensland in 1966–67.[7]

The expansion into the United States began with the purchase of Trumbull Shopping Park in Connecticut in 1977, and was followed by three centres in California, Michigan, and Connecticut in 1980 and three centres in California, New Jersey and Long Island, New York in 1986.[7] In 1994, Westfield joined together with General Growth and Whitehall Real Estate to purchase 19 centres for US$1 billion. The company built considerable holdings on the east coast and in California before expanding in the Mid-West. By 2005, the company owned centres in 15 US states.[7]

In the 1990s, Westfield began a major expansion to New Zealand, where it mostly bought existing shopping centres of the Fletchers Company, and progressively rebranded them. Only in 2007, with Westfield Albany, did the company open a fully new centre in the country.[8]

On 9 May 2006, Westfield announced the sale of eight United States shopping centres which it deemed to fit outside its strategic plan, to Centro Properties Group.[9]

In April 2012, it was announced that Westfield Group would sell seven 'non-core' property assets to Starwood Capital Group for A$1 billion and one other property to an undisclosed buyer for A$147 million. The funds would be used to repay debt and invest in businesses offering higher return. The sales were expected completed by November 2013.[10]

In June 2014, Westfield Group, one of the world's largest shopping centre companies, restructured to create two, new independent companies: Scentre Group and Westfield Corporation. Scentre Group was created to own and manage the company's interests in Australia and New Zealand. Westfield Corporation owns and manages Westfield shopping centres in the United States, United Kingdom, and Europe. Although Westfield Group has evolved into two separate companies, the consumer branding remained the same for Scentre Group's shopping centre portfolio.[11]

In October 2015, Frank Lowy stepped down as the chairman of Scentre Group following 55 years in charge.[12]

Footfall at the group's shopping centres rose 9.8% to 314 million in 2023 in the first half of the year after adding new entertainment in collaboration with Disney and Netball Australia. Centres are 99% occupied, with 1,576 new leases signed in the half year.[13]

On the afternoon of 13 April 2024, a man entered Westfield Bondi Junction in Sydney and stabbed at least 18 people, killing 5 female patrons and a male centre security guard. The incident sent the centre into lockdown and shoppers to take cover in stores. A lone police officer arrived and fatally shot the perpetrator.[14]

The company's figures for 2023: operating funds (FFO) of $1,094.2 million and profit of $174.9 million. The group's portfolio is valued at $34.3bn and partner sales totalled a record $28.4bn (up 6.4% on 2022).[15]

Current operations

[edit]
See also: List of Scentre Group properties

Scentre Group currently has interests in total assets worth A$38.6 billion, owning 42[5] shopping centres in Australia and New Zealand − with over 3.8 million square metres of retail space.

Australia

[edit]

Having been established in Australia, with its original premises being at Blacktown, the Scentre Group continues to operate a large number of shopping centres in Australia under the Westfield brand.[citation needed]

New Zealand

[edit]

Westfield entered the New Zealand market in 1997 and acquired an interest in the St. Lukes Group portfolio in 1998. Westfield malls are by far the most numerous chain in New Zealand, with most of its centres located in Auckland, including their largest development located in Albany.[16] As of February 2017, Westfield had NZ$2.5 billion in assets under management in New Zealand.[17]

In mid-2012, Westfield sold its 50% share of Westfield Shore City in Takapuna on Auckland's North Shore, now known as Shore City Shopping Centre. Later that same year the company sold Westfield Downtown[18] and Westfield Pakuranga, now known as Pakuranga Plaza.[19]

In 2014, Scentre sold 49% of five properties to the Singapore Government's GIC Private Limited. The properties are Albany, Manukau, Newmarket and St Lukes in Auckland, and Riccarton in Christchurch.[20]

In 2015, two more Westfield centres sold by Scentre Group were Chartwell Shopping Centre (formerly Westfield Chartwell) and Queensgate Shopping Centre (formerly Westfield Queensgate).[21]

In February 2017, it was announced that Scentre Group had sold Westfield WestCity in Henderson, Auckland, to the family-owned Australian business Angaet Group for A$147 million.[22]

[edit]

References

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[edit]
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Scentre Group

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Scentre Group Limited is an Australian real estate company specializing in the ownership, operation, and management of premium shopping centres under the Westfield brand, with a portfolio of 42 destinations comprising 37 in and five in . The company's assets are valued at approximately $50.7 billion, with ownership interests totaling $34.7 billion as of June 2025, serving over 20 million people in catchment areas and recording 526 million customer visits in 2024. Headquartered in , Scentre Group is listed on the Australian Securities Exchange (ASX: SCG) and operates a vertically integrated platform that encompasses design, construction, management, and marketing of its properties. Established in through the and restructuring of the original Westfield Group's Australian and operations, Scentre Group retained exclusive rights to the Westfield brand in these markets. The Westfield brand traces its origins to , when it was founded by Sir AC and John Saunders AO with the opening of their first shopping centre in Sydney's western suburbs. Over the subsequent decades, the business expanded rapidly across and internationally, but the restructuring separated the Australasian assets into Scentre Group, while the international operations formed , which was later acquired by Unibail-Rodamco. Key milestones include the Lowy family's divestment of their interests in 2019 and ongoing investments, such as the NZD$790 million redevelopment of Westfield Newmarket in completed in partnership with GIC. Under the leadership of Chief Executive Officer Elliott Rusanow, appointed in October 2022, Scentre Group emphasizes sustainable development and community enrichment, guided by its purpose of creating extraordinary places that connect people. The executive team, including key figures such as Andrew Clarke (Chief Financial Officer) and Paul Giugni (Group General Counsel), supports a board chaired by Ilana Atlas AO. The company reported strong performance in 2025, with customer visitation to its centres reaching 453 million in the 45 weeks to 9 November, up 3.1% from the prior year, reflecting its focus on evolving destinations to meet changing retail and community needs. Scentre Group's responsible business framework addresses environmental sustainability, economic contributions, and social impacts, including modern slavery statements and climate disclosures.

Corporate profile

Founding and structure

Scentre Group was established on 30 June 2014 through a corporate restructuring of the , involving the of its n and operations and their merger with Westfield Retail Trust to form the new entity, while the group's international assets in the United States, , and were separated to create . This formation allowed Scentre Group to focus exclusively on the Australasian retail property market, retaining perpetual rights to the Westfield brand in and . The company has been publicly listed on the Australian Securities Exchange (ASX: SCG) since its inception in 2014, with its headquarters situated at 85 Castlereagh Street in , , . As an internally managed stapled Australian (AREIT), Scentre Group specializes in the ownership, development, management, and marketing of premium shopping centres operating under the Westfield brand. Scentre Group employs a vertically integrated that covers all aspects of its operations, including the , , leasing, and day-to-day of its properties, enabling comprehensive control over asset performance and customer experiences. As of November 2025, the company owns and operates 42 Westfield destinations—37 in and five in —encompassing approximately 3.9 million square meters of gross lettable area and serving a catchment exceeding 20 million .

Leadership and governance

Scentre Group's leadership is headed by Elliott Rusanow, who was appointed to the role on 1 October 2022. Rusanow, who joined the company in April 2019 as , oversees the group's operations, strategic direction, finance, treasury, and investor relations. The provides strategic oversight and is chaired by Ilana Atlas AO, who assumed the position in October 2023 following her appointment to the board in May 2021. Atlas brings extensive experience in public company directorships and executive roles, including prior positions at ANZ Banking Group and . In September 2025, the board announced the appointment of Julie Coates as a , effective 1 October 2025; Coates offers expertise in finance through senior executive oversight and in retail from roles such as Managing Director of at Woolworths Group and CEO of . Scentre Group's governance framework aligns with the ASX Corporate Governance Principles and Recommendations, emphasizing ethical business practices, , and accountability. Key elements include a that promotes integrity and compliance, alongside specialized board committees such as the Audit and Risk Committee, the People and Remuneration Committee, and the Nomination Committee to address oversight, compensation, and director appointments. The framework also prioritizes diversity, with policies supporting balance and Indigenous inclusion, and upholds ethical standards through regular training and disclosure practices. As of 31 December 2024, Scentre Group employed 2,860 people across and , organized into integrated teams focused on , leasing, and . This workforce supports the company's REIT structure and operational efficiency.

Historical development

Origins in Westfield Group

The traces its origins to 1959, when and John Saunders, two post-war immigrants to , established the company in 's western suburbs. They began with small-scale retail developments, opening the first Westfield shopping centre, Westfield Plaza in , in July 1959, which featured 12 shops, two department stores, and a . This marked the introduction of the American-style one-stop shopping model to , capitalizing on suburban and trends. In June 1960, the company was incorporated and listed on the , enabling further capital raising for expansion. Throughout the and , Westfield rapidly grew its Australian portfolio through new developments and acquisitions, pioneering integrated shopping centres with major anchors like s. Key early milestones included the opening of Burwood in October 1966, the first centre with prominent Westfield branding and a major ; Toombul in in September 1967, marking interstate expansion; and Doncaster in in September 1969. By the and , the company continued this trajectory with redevelopments and additional openings, solidifying its dominance in the Australian retail property sector and building a reputation for innovative mall designs that emphasized convenience and variety. Westfield's international expansion began in 1977 with the acquisition of Trumbull Shopping Park in , establishing its entry into the market, followed by further U.S. purchases in , , and in 1980. The company extended to in September 2000 by acquiring the St. Lukes portfolio, rebranding 10 centres across four cities under the Westfield name. Entry into followed in February 2000 with the purchase of a centre in , , leading to high-profile developments like in 2008 and in 2011. These moves transformed Westfield into a multinational retail empire, with the Westfield brand becoming synonymous with premium destinations globally. By 2013, ahead of its restructuring, the operated interests in 91 shopping centres worldwide, spanning , , the , the , and emerging markets like . Within this portfolio, the Australasian assets—comprising mature, high-performing centres—formed the core revenue base, generating stable income from strong tenant occupancy and consumer footfall in the region. This structure positioned as one of the world's largest retail property groups, with a focus on ownership, development, and management of enclosed malls.

2014 demerger and formation

In 2014, undertook a major corporate restructuring to separate its Australasian operations from its international assets in the United States and , aiming to unlock greater value for investors by allowing each entity to focus on its core regional strengths and operational efficiencies. This was driven by the recognition that the diverse geographic exposures created complexities in management and capital allocation, and separating them would enable tailored growth strategies in high-performing markets. Shareholders approved the proposal in May 2014, with the transaction completing on 30 June 2014 through a merger of 's Australian and businesses with Westfield Retail Trust. Under the terms of the , securityholders received one Scentre Group stapled security for every 0.802 securities held, providing them with direct ownership in the new entity. Scentre Group's initial portfolio comprised interests in 47 shopping centres across and , valued at approximately A$28.5 billion, generating annual retail sales of A$22 billion and attracting around 555 million customer visits. This portfolio positioned Scentre Group as a leading (REIT) focused exclusively on the Australasian retail sector. Following the , Scentre Group was listed on the Australian Securities Exchange (ASX) under the SCG on 25 June 2014, utilizing a dual-stapled structure comprising shares in Scentre Group Limited and units in Scentre Group Trust to optimize tax efficiency as a REIT. The company retained the licensing rights to the Westfield brand for its Australasian properties, ensuring continuity in brand recognition and customer loyalty without a full of the centres. This structure allowed for internal management, leveraging the established expertise from Westfield Group's regional team. The immediate post-demerger period presented challenges, including the integration of management teams from Westfield Retail Trust and the former operations to establish unified and systems under independent leadership. Credit rating agency noted that Scentre Group's financial risk profile would be more aggressive due to its concentrated exposure to the Australasian retail market, amid emerging global shifts such as the rise of pressuring traditional shopping centres. Despite initial concerns over the split's fairness, the entity quickly stabilized, focusing on adapting its portfolio to these evolving retail dynamics.

Expansion and key milestones since 2014

Following the 2014 , Scentre Group focused on through strategic developments and asset enhancements, streamlining its portfolio through strategic divestments and asset enhancements to 42 Westfield destinations across and by 2023, comprising 37 centres in and five in . This included the strategic divestment of four New Zealand centres between 2015 and 2019 to concentrate on higher-performing assets. In 2019, the Lowy family divested their remaining interests in Scentre Group, transitioning full control to public and institutional shareholders. This growth included key redevelopments such as the $475 million expansion at in , which opened in stages starting October 2014 with a new market-style precinct and additional retail space. Further portfolio enhancements involved ongoing investments in premium assets, culminating in a $4 billion development pipeline by 2024 that emphasized high-quality retail and mixed-use integrations. A pivotal expansion milestone was the 2025 redevelopment of , adding 6,000 square metres of luxury retail space over five levels, featuring flagship stores for brands like , , and to elevate the centre's high-end offerings. Complementing this, Scentre pursued mixed-use projects by securing rezoning approvals in February 2025 for residential developments at Westfield Hornsby in and Westfield Belconnen in , enabling the integration of housing atop existing retail sites. These initiatives extended to ambitious masterplans, such as the proposed 17-tower development at Westfield Woden in the Australian Capital Territory, incorporating thousands of residential units, commercial spaces, and community facilities, and a 20-year plan for up to 1,500 homes in eight mixed-use towers at Warringah Mall in . Strategically, Scentre shifted toward premium retail experiences by curating luxury offerings, growing its portfolio to 76 high-end stores across 22 international brands by 2022, with activations like collaborations with in 2023 to enhance experiential retail. Digital integration advanced through the launch of the Westfield Plus app in 2024, designed to optimize customer visits with personalized navigation and engagement features, alongside platforms like Westfield Direct for seamless online-to-offline shopping introduced during the . In 2025, the company announced diversification into residential and housing developments on its 670-hectare landholdings, aiming to address housing shortages by building apartments integrated with its centres. Major events shaped Scentre's trajectory, including its response to the from 2020 to 2022, where it implemented safe trading protocols to keep all centres operational and partnered with health authorities to establish hubs, such as the facility at Westfield Kotara in 2021. To support funding for these expansions, Scentre issued €500 million in 8-year senior notes at a 3.45% fixed in October 2025 under its Euro Medium Term Note Programme, marking its return to European debt markets after six years. Key milestones include consistent achievement of funds from operations (FFO) growth targets, with annual increases such as 20.6% in , 5.2% in 2023, and 3.2% for the first half of to $587 million, reaffirming full-year guidance of 4.3% growth. Scentre earned recognition as a leading Australian REIT in the 2025 A-REIT Survey for its high rates of 99.7% and strategic utilization.

Business operations

Portfolio overview

Scentre Group's retail portfolio comprises 42 Westfield destinations across and , representing total valued at A$50.7 billion, with the company's ownership interests amounting to A$35.0 billion as of 2025. This asset base includes 3.9 million square meters of gross lettable area (), supporting approximately 11,790 retail outlets. The portfolio's scale underscores Scentre Group's position as the owner and operator of the largest premium network in the region, including seven of Australia's top 10 centers by sales. Under the Westfield brand, all properties are managed as experiential retail destinations designed to foster beyond traditional , incorporating luxury tenants and functioning as integrated hubs. This strategic approach prioritizes high-traffic locations proximate to major urban populations, enhancing and tenant performance. Scentre Group holds full ownership or majority stakes in every center, enabling direct control over asset optimization and . Key performance metrics highlight the portfolio's resilience and efficiency, with annual partner sales reaching A$29.3 billion and occupancy rates at 99.7% as of June 2025—the highest since 2017. As of September 2025, portfolio occupancy reached 99.8%. Approximately half of the is allocated to tenants, which drive and contribute significantly to overall stability. The company also advances a A$4 billion development pipeline focused on retail expansions and mixed-use integrations to adapt to evolving consumer preferences.

Australian centres

Scentre Group's Australian portfolio consists of 37 Westfield destinations strategically located across major urban areas, including , , , and Perth, forming the core of its operations. These centres account for approximately 93% of the total portfolio's gross lettable area () of 3.9 million square metres. Among the flagship properties, stands as the largest centre, featuring a 2021 renovation that amplified its luxury retail focus with high-end brands and experiential spaces. exemplifies high-end retail, attracting premium tenants and affluent shoppers in Sydney's eastern suburbs. Regional hubs like Westfield Carousel in Perth provide essential retail and community services to the city's southeast, spanning 110,000 square metres of post its major . Operations in these Australian centres emphasize tailored leasing to match local demographics, prioritizing the development of vibrant food and entertainment precincts to enhance customer experiences and increase visitation. The portfolio bolsters local economies in host communities. In 2025, Scentre Group announced plans to integrate residential housing developments at select Australian sites, including rezoning approvals for Westfield Hornsby in and Westfield Belconnen in , aimed at alleviating urban housing shortages while creating mixed-use precincts.

New Zealand centres

Scentre Group's operations in consist of five Westfield-branded shopping centres, representing a strategic foothold in the country's retail market. These include Westfield Albany and Westfield St Lukes in Auckland's North Shore and central suburbs, respectively; Westfield in ; Westfield Newmarket in central ; and Westfield Riccarton in . Collectively, these centres provide approximately 274,000 square metres of retail gross lettable area (), accounting for about 7% of the group's total portfolio GLA of 3.9 million square metres. The centres emphasize family-oriented retail experiences tailored to New Zealand's diverse urban demographics, featuring a mix of local brands like Farmers and international tenants such as and , alongside community-focused events like school holiday programs and cultural festivals. Occupancy rates remain robust, consistent with the group's rate of 99.6% as of December 2024, reflecting strong tenant demand and resilient in a market characterized by high on and . Economically, these properties play a vital role in supporting local employment, sustaining thousands of jobs through direct retail operations and supply chains, while serving areas encompassing around 4 million people—over three-quarters of New Zealand's population—in key cities like and . Integration with , such as bus interchanges at Westfield Manukau City and proximity to rail at Westfield Newmarket, enhances and reduces reliance on private vehicles in densely populated urban zones. Post-COVID, developments have been modest, focusing on targeted expansions like additional specialty stores at Westfield Albany to boost experiential retail, with an emphasis on sustainable retrofits to meet New Zealand's stringent building codes and emissions targets. Initiatives include widespread LED lighting upgrades and rooftop solar installations across the portfolio, contributing to a 40% reduction in operational emissions since 2014 and alignment with local regulations under the Resource Management Act.

Financial performance

Revenue and assets

Scentre Group's primary revenue streams are dominated by rental income from its shopping centre portfolio, which accounts for the majority of its . Over 99% of this rental income derives from fixed minimum base rents, supplemented by smaller portions from percentage rents based on tenant turnover, ensuring stable cash flows. Additional comes from car park fees, which are integrated into property outgoings and contribute to operational income, as well as marketing services provided through dedicated centre teams that promote events and drive visitation, generating management fees. In 2023, total reached A$2,528.4 million, with gross rent collected at A$2,723 million. Key financial metrics underscore the company's performance through 2023. Funds from operations (FFO) stood at A$1,094.2 million, reflecting a 5.2% increase from the prior year and serving as a core measure of operational profitability for real estate investment trusts. Net profit after tax was A$174.9 million. The portfolio was valued at A$34.3 billion, supporting partner retail sales of A$28.4 billion, which highlight the scale of economic activity within the centres. Total reached A$50.2 billion, with the group's proportionate share aligning closely with the portfolio valuation. In 2024, FFO increased 3.5% to A$1,132.3 million, with property revenue rising to A$2,643.8 million and gross rent collected at A$2,821 million. Net profit after tax attributable to securityholders was A$1,059.7 million. The portfolio valuation grew to A$34.2 billion, with total remaining at A$50.2 billion (group share A$34.7 billion). The emphasizes balance and , with a gearing ratio of approximately 30.4% in 2023, increasing slightly to 30.9% in 2024, maintained through a mix of senior borrowings and subordinated notes. Scentre Group utilizes stapled securities, combining units from its trusts, to facilitate distributions to security holders, which are primarily funded by FFO. Available was A$3.5 billion at year-end 2023, rising to A$3.6 billion in 2024, supporting and investments. Historically, the company's assets have grown significantly since its formation, when the initial portfolio was valued at around A$25 billion following the Westfield , expanding to current levels through strategic developments and revaluations. Scentre Group's investment approach prioritizes high-quality, dominant retail assets that deliver stable, long-term returns, with a focus on Westfield-branded destinations yielding consistent rental yields. Distributions to holders, typically around 80-90% of FFO, represent the primary mechanism for returning value, reinforced by a development pipeline exceeding A$4 billion to enhance asset values without excessive leverage. This strategy has driven asset growth while maintaining a conservative , with total reaching A$50.2 billion by 2024.

Recent results and outlook

In the first half of 2025, Scentre Group reported Funds From Operations (FFO) of A$587 million, representing a 3.2% increase year-over-year, driven by robust net operating income growth of 3.7% to A$1.043 billion. The company also upgraded its full-year distribution guidance to 17.72 cents per , implying 3.0% growth, with the second-half distribution set at 8.905 cents, up 3.5%. Portfolio occupancy reached 99.7% as of 30 June 2025, the highest level since 2017, reflecting strong tenant demand and leasing spreads of 8.2%. Key events in 2025 included the issuance of €500 million in senior notes in , maturing in 2033 with a 3.45% fixed , to refinance maturing debt and diversify funding sources under the Group's Euro Medium Term Note Programme. In November, broker Wilsons Advisory included Scentre Group in its Focus Portfolio, citing attractive valuation and potential for share price appreciation amid sector recovery. Looking ahead, Scentre Group reconfirmed its full-year FFO target at 22.75 cents per security, signaling 4.3% growth, supported by ongoing specialty leasing and customer traffic increases. As of the Q3 operating update (30 September ), customer visits year-to-date reached 463 million (up 3.1%), occupancy was 99.8% (up 0.4% YoY), and sales totaled A$29.5 billion (up 2.6%), reaffirming guidance. The broader Australian REIT sector is expected to rebound in , bolstered by low new supply and enhanced pricing power for landlords, positioning premium assets like Scentre's Westfield portfolio for earnings expansion. Scentre Group demonstrates resilience to evolving retail dynamics through tenant diversification and mixed-use developments, which integrate residential and experiential elements to mitigate e-commerce pressures and stabilize occupancy. The Group's A$4 billion development pipeline, including reconfigurations at key centres, supports sustained portfolio growth and value creation into 2026.

Sustainability and community impact

Environmental and social initiatives

Scentre Group's responsible framework emphasizes a balanced approach across four pillars—, , environment, and economic performance—while aligning initiatives with the to address global challenges such as and . This structure guides the company's , integrating environmental responsibility with social to create long-term value for stakeholders. Key targets include achieving net-zero Scope 1 and 2 emissions across its wholly-owned Westfield portfolio by 2030, supported by an interim goal of 50% emissions reduction by 2025. Environmental efforts focus on reducing resource consumption and enhancing efficiency in operations. The company has implemented energy-efficient retrofits, including solar photovoltaic installations with a total capacity of 12.2 MW across nine sites, contributing to a 41% reduction in Scope 1 and 2 emissions since 2014. Waste reduction programs, such as reverse vending machines in 19 Australian destinations and clothing donation hubs, have achieved 52% recovery from operations and 91% from major developments, diverting substantial volumes from landfill. Water conservation measures include the installation of efficient fixtures and equipment in centres to mitigate scarcity risks, with a strategic efficiency plan launched in 2025. Additionally, Scentre Group has committed to 100% renewable electricity for its Queensland centres by 2025 via power purchase agreements, advancing broader renewable energy adoption. On the social front, the company prioritizes under its "Everyone Belongs" vision, targeting a 50% female workforce and achieving 57.3% female representation in 2024, with 39.6% in senior executive roles. Health and well-being initiatives promote active lifestyles through centre-based events, such as the "Move it for " program, which encourages physical activity to support community . Certifications underscore these commitments, with new developments pursuing Green Star ratings from the Green Building Council of and the portfolio earning a 5-star GRESB assessment for the fifth consecutive year in 2024, recognizing in sustainable .

Community and economic contributions

Scentre Group's Westfield destinations play a pivotal role in bolstering local economies across and by facilitating substantial retail activity. In 2024, business partners at these centres achieved $29.0 billion in total annual sales, an increase of $544 million from the previous year, underscoring the group's contribution to economic vitality through high occupancy rates of 99.6% and 526 million customer visits. This retail ecosystem not only drives but also supports a broad , with 93% of the group's $1.7 billion in supplier expenditures directed toward Australian businesses, including $15.2 million to Aboriginal and Torres Strait Islander suppliers. Additionally, the company directly employs 2,860 people across its operations in both countries, while enabling for thousands more through its network of over 3,700 retailers and service providers. The group actively supports community programs that enhance social cohesion and address local needs. Since its inception in 2018, the Westfield Local Heroes awards program has recognized outstanding individuals and organizations making positive impacts, awarding over $8.6 million in grants to support community initiatives in and . In 2024, the program distributed $1.24 million to 125 organizations, with 75% of customers advocating for its continuation, highlighting its role in fostering and local leadership. Scentre Group has also provided disaster relief funding, notably partnering with in early 2020 to aid recovery from the Australian bushfires, contributing resources and fundraising efforts at its centres. Engagement initiatives further strengthen community ties, including the hosting of over 4,000 free cultural and community events in 2024, such as Olympic Live Sites that attracted 900,000 attendees and promoted inclusivity. These efforts extend to partnerships, like youth development programs that provide safe spaces, , and skill-building activities for local young people, often in collaboration with community organizations to improve for diverse populations. Over the past five years, the group has invested $32 million in such community programs, alongside forgoing $7.3 million in income to offer free space for local campaigns and services. In 2025, Scentre Group is prioritizing mixed-use developments to tackle urban housing affordability, leveraging its strategic land holdings of over 670 hectares near transport hubs. Recent rezoning approvals at sites like Westfield Hornsby and enable large-scale residential integration, with plans including up to 1,500 homes and towers reaching 39 storeys at a Westfield location, and 4,000 new homes as part of the Westfield Woden redevelopment in . These initiatives aim to create vibrant, transit-oriented precincts that combine retail, residential, and community spaces, adding thousands of units to alleviate pressure in high-demand urban areas.

References

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  3. https://www.scentregroup.com/about-us/history/scentre-group-history
  4. https://www.scentregroup.com/about-us/executive-team/elliott-rusanow
  5. https://www.scentregroup.com/about-us/executive-team
  6. https://www.scentregroup.com/news-and-media/latest-news/scentre-group-operating-update
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  9. https://www.scentregroup.com/our-customers/westfield-destinations
  10. https://www.scentregroup.com/about-us/board-of-directors/ilana-atlas
  11. https://www.scentregroup.com/news-and-media/latest-news/scentre-group-chair-succession
  12. https://www.scentregroup.com/news-and-media/latest-news/appointment-of-non-executive-director-julie-coates
  13. https://www.scentregroup.com/about-us/board-of-directors/julie-coates
  14. https://www.scentregroup.com/about-us/corporate-governance
  15. https://assets.ctfassets.net/0vreywxqlgab/5cd9Euj08pQYytHL9va9Gf/ad1d98dc994b27094aa1147e28364a19/2024_Corporate_Governance_Statement.pdf
  16. https://www.scentregroup.com/investors/financial-results-and-presentations/2024-full-year-results
  17. https://www.scentregroup.com/about-us/history/westfield-group-history
  18. http://www.rns-pdf.londonstockexchange.com/rns/8666S_-2013-11-12.pdf
  19. https://www.asx.com.au/asxpdf/20131204/pdf/42lcwx2k48mmpv.pdf
  20. https://www.scentregroup.com/investors/securityholder-information/taxation-information
  21. https://greenstreetnews.com/article/westfield-to-split-global-and-local-portfolios/
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  23. https://www.afr.com/property/commercial/how-the-wild-wild-westfield-restructure-deal-was-eventually-won-20141227-12euzy
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  26. https://company-announcements.afr.com/asx/scg/291573d7-d9d7-11ee-b0b6-4ea8d8dfdb2c.pdf
  27. https://www.scentregroup.com/our-customers/westfield-destinations/westfield-sydney
  28. https://www.twobirds.com/en/insights/2025/australia/from-shopping-centres-to-mixed-use-projects
  29. https://www.theurbandeveloper.com/articles/scentre-group-woden-town-centre-canberra-tallest-building
  30. https://www.smh.com.au/national/nsw/1500-homes-towers-up-to-39-storeys-plans-for-northern-sydney-shopping-centre-site-revealed-20251105-p5n81r.html
  31. https://www.scentregroup.com/news-and-media/our-news/westfield-living-centres-at-the-helm-of-luxury-ret
  32. https://raw.studio/case-study/westfield/
  33. https://www.abc.net.au/news/2024-12-14/scentre-group-housing-market-residential-stock-westfield/104715164
  34. https://www.scentregroup.com/news-and-media/our-stories/covid-19-18-mar-2020
  35. https://www.scentregroup.com/sustainability/our-stories/working-with-government-health-authorities-and-businesses-to-facilitate
  36. https://company-announcements.afr.com/asx/scg/7db10fa9-9f20-11f0-9ff2-2afecb009585.pdf
  37. https://www.asx.com.au/asxpdf/20230222/pdf/45lw3w6ks6nn3x.pdf
  38. https://www.scentregroup.com/news-and-media/latest-news/scentre-group-reports-growth-in-full-year-funds-from-operations
  39. https://assets.ctfassets.net/0vreywxqlgab/tVYtoondOV09MPubmoptg/cf17639f2e8c67044f7d38938b6a71e5/2025_Half_Year_Announcement_and_Presentation.pdf
  40. https://www.bdo.com.au/en-au/insights/real-estate-construction/a-reit-survey-2025
  41. https://pitchbook.com/profiles/company/61657-48
  42. https://www.scentregroup.com/news-and-media/latest-news/scentre-group-operating-update-q3-2025
  43. https://assets.ctfassets.net/0vreywxqlgab/2jCDgyNRHOqTByrcni3uKv/47f440c291228ef086d42355f46d237f/2024_Property_Compendium.xlsx
  44. https://www.scentregroup.com/our-customers/westfield-destinations/westfield-carousel
  45. https://www.afr.com/property/commercial/westfield-scentre-housing-crisis-20250811-p5mm20
  46. https://www.scentregroup.com/our-customers/westfield-destinations/westfield-albany
  47. https://www.scentregroup.com/our-customers/westfield-destinations/westfield-manukau-city
  48. https://www.scentregroup.com/our-customers/westfield-destinations/westfield-newmarket
  49. https://www.scentregroup.com/our-customers/westfield-destinations/westfield-st-lukes
  50. https://www.scentregroup.com/our-customers/westfield-destinations/westfield-riccarton
  51. https://www.scentregroup.com/news-and-media/latest-news/scg-2024-full-year-results
  52. https://www.westfield.co.nz/
  53. https://www.westfield.co.nz/riccarton/news/2WfOzKDzieZOkT2uOmgMab/net-zero-and-waste-diversion-progress
  54. https://www.fitchratings.com/research/corporate-finance/scentre-group-limited-13-04-2023
  55. https://assets.ctfassets.net/0vreywxqlgab/63EJwkVDadpSnRSvP1SFVn/c0d689eac48514d09421ee1bc73a2157/2023_Appendix_4E_and_Annual_Financial_Report.pdf
  56. https://assets.ctfassets.net/0vreywxqlgab/7k2hZDaWrsuNovwIe1Y77Y/211e85ce48471202b375ae98eec25bde/2024_Appendix_4E_and_Annual_Financial_Report.pdf
  57. https://assets.ctfassets.net/0vreywxqlgab/5b1r0Y3g8BPG5G2XIb41xo/ad9511ec4dc2649ae3d313ded296d1be/SCG-Annual-Report-2014__1_.pdf
  58. https://www.marketscreener.com/news/scentre-group-prices-eur-500-million-of-senior-notes-ce7d5bdeda89f520
  59. https://www.fool.com.au/2025/11/05/youll-be-surprised-at-the-left-field-reason-this-broker-thinks-westfield-owner-scentre-group-is-an-attractive-buy/
  60. https://www.afr.com/property/commercial/goodman-scentre-among-reits-set-to-bounce-higher-in-2025-20241211-p5kxow
  61. https://www.ainvest.com/news/scentre-group-dividend-resilience-rising-operating-costs-balancing-act-income-investors-2508/
  62. https://www.scentregroup.com/sustainability/our-approach/environment/reporting-and-benchmarks
  63. https://www.scentregroup.com/sustainability/our-approach/environment/energy
  64. https://assets.ctfassets.net/0vreywxqlgab/5fKY1xKxf11o4QTNMu5SRh/1e6f20fe63021d822ea7d79b1ddb7698/2024_Responsible_Business_Report.pdf
  65. https://www.scentregroup.com/sustainability/our-stories/switching-to-100-renewable-electricity-in-queensland
  66. https://www.linkedin.com/posts/lifeline-australia_a-huge-thank-you-to-scentre-group-owner-activity-7234381728218279936-aIul
  67. https://www.scentregroup.com/news-and-media/latest-news/scentre-group-recognised-as-a-global-sector-leader-in-2024-gresb-real-estate
  68. https://company-announcements.afr.com/asx/scg/c4645a80-038e-11f0-8fa3-7e88d6278c19.pdf
  69. https://www.thegrantshub.com.au/blog/articles/westfield-local-heroes-2025
  70. https://www.scentregroup.com/sustainability/our-stories
  71. https://www.scentregroup.com/sustainability/our-stories/offering-local-youth-a-safe-space-to-develop-their-skills
  72. https://www.btrnews.au/scentre-group-reveals-btr-masterplan-for-westfield-woden/
  73. https://insideretail.com.au/sectors/why-scentre-group-is-doubling-down-on-mixed-use-retail-202509
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