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Westfield Owner Reports Strong Start To 2021

Scentre Group, owner of the local Westfield shopping centre chain, has reported a first-half operating profit of $460.1 million, marking a 28 per cent jump year-on-year.

This is an impressive result, given the continued lockdowns, and a huge turnover from the $3.6 billion loss it took in the first half of 2020.

Scentre chief executive Peter Allen was impressed by the resilience of the mall sector.

“We have delivered strong operating performance even with a number of government restrictions in place,” he said.

“In those locations impacted less by lockdowns, we have seen trading conditions better than those experienced in the first half of 2019.”

Scentre collected $1.2 billion in rent during the first half of 2021, an increase of $325 million from the first half of 2020, when rents were frozen for many tenants.

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