Westfield subsidiary Scentre Group has sold its Strathpine shopping centre to a subsidiary of Hong Kong-based investment group Blackstone Real Estate Asia.
The sale follows its announcement in February 2015 that following a strategic review, a number of assets were identified that did not meet the Group’s long-term strategy.
The company said that the $783 million proceeds from the sale of the four assets would be reinvested in its development pipeline.
The company said that sales agreements had been entered into for Figtree, Strathpine and Warrawong with affiliates of Blackstone Real Estate Asia, and with Challenger for its North Rocks shopping centre.
The assets were sold for a 3.4% premium to the 30 June 2015 book values, with settlement expected to occur in the third quarter.
Westfield Strathpine is located 20 kilometres north of Brisbane CBD and caters to a trade area population close to 260,000 people.