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.
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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Premier Investments Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Scentre Group. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.