May 19, 2019 / 11:28 PM / 2 months ago

Australia's Scentre sells 50% stake in Sydney shopping centre for $396 mln

May 20 (Reuters) - Australian shopping mall owner Scentre Group on Monday said privately held property investor Perron Group will buy a 50% stake in a Sydney shopping center for A$575 million ($396 million).

The consideration paid by Perron Group for its stake in Westfield Burwood, represents a 4.1% premium to book value at 31 December 2018, Scentre said in a statement to the Australian stock exchange.

$1 = 1.4512 Australian dollars Reporting by Aditya Soni in Bengaluru; editing by Richard Pullin

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