Scentre Group’s Share Price on the Rise After Takeover

Projects owned by Scentre Group [ASX:SCG] have gone through various redevelopment. This has helped their shares grow larger in value.

With the Westfield Plenty Valley opening its Dining and Entertainment Precincts; results are already beginning to show.

Since Scentre’s $80 million redevelopment launched back in March 22, they have been reaping the benefits from its success.

Today Scentre Group shares grew by 2.17%.

Capitalising from successful redevelopment

Recently, Scentre gained ownership of Westfield Corporation, giving it control to all of its projects across the country.

The take over will delist Westfield from the ASX, allowing shareholders to benefit from the vast amount of economic exposure it offers.

Westfield’s more recent developments have played a huge part in Scentre’s share increase.

And being the most recent development, the Westfield Plenty Valley has helped turn over a great amount of success.

The anticipated project is located in the Melbourne northern suburbs and is scaled to be over 62,500 square metres in size.

It consists of almost 200 retailers which are all in completion.

New retailers helped bring in new customers to the area, as the entertainment complex included a first-class Village Cinema area which opened in time for the Easter period.

Westfield Plenty Valley Centre Manager, Craig Tapping, stated on Scentre’s media announcement:

The new Westfield Plenty Valley precinct brings an unapparelled lifestyle experience to Melbourne’s northern suburbs, offering the local community a complete dining and lifestyle experience – all in the one place, we have created a destination with our community in mind, both young and old, for every occasion.

A new car park featuring over 340 new spaces will also help bring up more visitor numbers to the area.

Scentre has an exciting future ahead of them, with a large variety of projects and developments now in tow.

Regards,

Ryan Clarkson-Ledward,
For Money Morning

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Ryan Clarkson-Ledward is an Editor at Money Morning.

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