South-eastern Sydney shoppers could see significant changes at Westfield Eastgardens after shopping centre leasing giant Scentre Group (ASX: SCG) acquired a 50% interest in the centre for $720 million.
Eastgardens has total retail sales of more than $600 million with significant redevelopment potential.
Scentre shares have been on the incline for most of this year, hitting a 52-week high on July 9 at $4.48, despite dropping back to $4.42 to close off July 11.
UBS recently added Scentre to its model portfolio after it dropped Mirvac Group (ASX: MGR) – attracted to Scentre's forecast yield of around 5.4%.
Elsewhere in the retail space shares in long-term Scentre tenant Premier Investments Limited (ASX: PMV) have continued on an incline, hitting a 52-week high on July 10.
A slightly different retail share attracting lots of attention is Afterpay Touch Group Ltd (ASX: APT) with its shares at a 52-week high to close off July 11 – a 254% increase from its share price at this time last year and a buy according to Goldman Sachs.
