The Perron Group is selling its 50% stake in Melbourne’s Westfield Airport West for around A$182 million, as major investors return to Victoria’s shopping centre market.

The investment group, controlled by the family of late Western Australian billionaire Stan Perron, is reportedly selling the holding to local funds manager JY Group in an off-market transaction.

Scentre Group, which operates the Westfield network across Australia and New Zealand, owns the remaining 50% of the centre and will continue managing the property.

Scentre’s accounts valued Westfield Airport West at approximately $365 million last year, based on a capitalisation rate of 6.75%. The reported sale price indicates Perron Group is exiting its stake at around book value.

Located near Melbourne Airport, the shopping centre is anchored by Coles, Woolworths and Aldi, alongside discount department stores and more than 149 specialty retailers.

The transaction comes as investor sentiment towards Melbourne retail property begins to improve, following a period when institutional buyers largely avoided the Victorian market.

JY Group has emerged as one of Australia’s most active shopping centre investors since the pandemic, building a property portfolio reportedly approaching $5 billion.

The private investment group already has ties with Scentre Group through joint ownership of Westfield Marion in Adelaide and Westfield Whitford City in Perth (pictured below).

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Perron Group has also been reducing its exposure to major retail assets in recent years.

In 2024, it sold 50% stakes in Perth’s Cockburn Gateway and Belmont Forum shopping centres to listed property group GPT for approximately $482 million.

The proceeds support the Perron Group’s permanent endowment model, which funds the Stan Perron Charitable Foundation.

Australian retail property transactions reached a record $13.7 billion in 2025, while another $2.4 billion worth of assets changed hands during the first quarter of 2026, according to Citi.