Scentre Group witnessed business partner sales grow 2.8 per cent year over year to $6.7 billion in the three months ended March 31, 2025.
Moreover, the Westfield operator said that its occupancy rate climbed 50 basis points to 99.6 per cent.
The company noted ongoing progress on the staged redevelopment of Westfield Bondi in Sydney, where a new Virgin Active lifestyle fitness centre and a rebel rCX concept store are set to open on Level 1 in June 2025.
Moreover, the expansion of Westfield Sydney at the corner of Market and Castlereagh Streets in the CBD is also advancing, with a range of new luxury brands scheduled to open progressively starting this month.
In March, under the new NSW Housing Delivery Authority process, Westfield Warringah was designated a state significant development, with the potential to deliver up to 1,500 new dwellings.
“This is a significant opportunity for our business and gives us the option to use an accelerated planning process to deliver growth,” Elliott Rusanow, Scentre Group CEO.
“We continue to collaboratively participate in state and local planning processes to secure similar opportunities across many of our destinations during 2025 and beyond.”
Meanwhile, Rusanow said that customer visits in the 18 weeks to May 4, 2025 totalled 179 million, up 2.3 per cent from the year-ago period.
The Group reconfirmed its Funds From Operations (FFO) target of 22.75 cents per security for 2025, representing 4.3 per cent growth for the year.
Full-year distributions are estimated to grow 2.5 per cent to 17.63 cents per security.