Scentre : Acquires 50% Interest in Westfield Eastgardens

ASX Announcement 11 July 2018

SCENTRE GROUP ACQUIRES A 50% INTEREST IN WESTFIELD EASTGARDENS

Scentre Group (ASX: SCG) today announced it acquired a 50% interest in Westfield Eastgardens in Sydney's south‐eastern suburbs for $720 million, representing a capitalisation rate of 4.25%.

Westfield Eastgardens is one of the top 30 shopping centres in Australia with total retail sales of more than $600 million. Westfield Eastgardens is currently 100% owned by the Terrace Tower Group and managed by Scentre Group.

Westfield Eastgardens has significant redevelopment potential for both retail expansion and mixed‐use development given its location within an area that is undergoing substantial renewal.

Scentre Group CEO Peter Allen said: "In line with the Group's strategy, this transaction is a rare opportunity to invest in one of the highest quality 'living centres' in Australia.

Westfield Eastgardens is regarded by planning authorities as one of Sydney's 'strategic centres' with a trade area that has strong forecast population growth and investment in infrastructure including increased public transport.

The centre presents redevelopment opportunities including the introduction of local and international fashion retailers and expansion of the dining, entertainment and lifestyle offering. In addition, Westfield Eastgardens offers a unique opportunity to create value through mixed‐use development including commercial, accommodation and education facilities."

Contacts:

Company Secretary	Investor Relations	Corporate Affairs / Media
Maureen McGrath	Andrew Clarke	Alexis Lindsay
[phone]	[phone]	[phone]

Scentre Group (ASX Code: SCG) is the owner and operator of Westfield in Australia and New Zealand with interests in 39 centres, encompassing approximately 11,600 shops and total assets under management of $51.0 billion.

The financial information included in this release is based on the Scentre Group's IFRS financial statements. Non IFRS financial information has not been audited or reviewed.

This release contains forward-looking statements, including statements regarding future earnings and distributions that are based on information and assumptions available to us as of the date of this presentation. Actual results, performance or achievements could be significantly different from those expressed in, or implied by, these forward looking statements. These forward-looking statements are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements contained in this release. You should not place undue reliance on these forward-looking statements. Except as required by law or regulation (including the ASX Listing Rules) we undertake no obligation to update these forward-looking statements.

SCENTRE GROUP LIMITED ABN 66 001 671 496

SCENTRE MANAGEMENT LIMITED ABN 41 001 670 579 AFS Licence No: 230329 as responsible entity of Scentre Group Trust 1

ABN 55 191 750 378 ARSN 090 849 746

RE1 LIMITED ABN 80 145 743 862 AFS Licence No: 380202 as responsible entity of Scentre Group Trust 2 ABN 66 744 282 872 ARSN 146 934 536

RE2 LIMITED ABN 41 145 744 065 AFS Licence No: 380203 as responsible entity of Scentre Group Trust 3 ABN 11 517 229 138 ARSN 146 934 652 Level 30, 85 Castlereagh Street, Sydney NSW 2000 Australia · GPO Box 4004 Sydney NSW 2001 Australia · T [phone] · scentregroup.com

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