ART strikes $883m QLD Westfield deal

Westfield Mt Gravatt from Scentre Group for $882.5 million, in what is expected to be Australia's largest single-asset retail transaction this year.

The deal, which remains subject to Australian Competition and Consumer Commission clearance, expands ART's relationship with Scentre following its $864 million acquisition of a 19.9% stake in Westfield Sydney in February.

Scentre will continue to manage Westfield Mt Gravatt, while ART's long-term investment partner QIC will manage its interest in the asset.

ART general manager of mid risk assets Michael Weaver said the centres scale, performance and development potential made it an attractive long-term investment for members.

"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," Weaver said.

"Through our partnerships with Scentre Group and QIC, we invest in the communities where Australians live, work and spend time."

Westfield MT Gravatt attracted 17.4 million visitors in 2025 and generated more than $1 billion in total sales last year, according to the companies.

The centre spans 141,700 square metres and comprises 376 tenants, making it one of Queensland's largest retail precincts.

QIC Real Estate managing director Deborah Coakley said the transaction would complement ART's existing retail exposure and strengthen the partnership between the three groups.

"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," Coakley said.

Scentre chief executive Elliot Rusanow said the transaction demonstrated the group's ability to create long-term investment opportunities for capital partners.

"The group is very pleased to extend our strategic relationship with ART with this transaction which follows their 19.9% investment in Westfield Sydney," Rusanow said.

The investment follows a record $3 billion deployed by ART into Australian real estate during FY26, with the fund also committing a further $2.2 billion.

ART manages more than $375 billion in retirement savings and holds around $188 billion in Australian-based investments.