Scentre Group (SCG.AU) has acquired a 50% stake in Garden City Booragoon, a shopping center in Perth, Australia, for 570 million Australian dollars (US$389.5 million).
Booragoon was 100% owned by AMP Capital Diversified Property Fund, which will now become Scentre's 50% joint-venture partner, Scentre said Friday.
The transaction is expected to be marginally accretive to Scentre's earnings from 2020 and will increase its gearing to 32%, it said.
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