Landmark $670 million sale of 50% interest in Westfield Marion

JY Group has finalised the acquisition of a 50% freehold interest in Westfield Marion - Adelaide’s largest and only Super Regional shopping centre - for $670 million, marking one of the largest retail property transactions in recent years and signaling a powerful vote of confidence in the Australian retail investment sector.  

CBRE’s Simon Rooney together with JLL’s Nick Willis and Sam Hatcher, exclusively managed the international Expressions of Interest campaign, on behalf of Singapore-based investment group Cuscaden Peak.

The acquisition has elevated JY Group’s total assets under management to $4.9 billion since 2019, reinforcing the group’s strategic focus on major retail shopping centres nationwide and cements their position as a significant player in the Australian retail property market.

The Westfield Marion transaction follows JY Group's recent acquisition of a 50% interest in Bankstown Central and represents their second partnership with Scentre Group, having previously acquired a 50% stake in Westfield Whitford City in Western Australia.

CBRE’s Head of Retail Capital Markets – Pacific, Simon Rooney commented, “The sale process generated a significant level of both domestic and offshore engagement from a wide range of capital sources, including several institutional investors.” 

“Fortress assets of the calibre of Westfield Marion remain highly sought-after, in this case underpinned by exceptional centre performance, the ability to partner with Scentre Group, Adelaide’s compelling yield spread relative to Sydney and Melbourne, and South Australia’s favourable property tax regime Mr Rooney added.    

JLL’s Nick Willis said, “Super Regional shopping centres represent one of Australia's most exclusive commercial real estate asset classes, with only 20 centres nationwide controlled by 12 owner managers. The opportunity to acquire an ownership stake in the super-regional sub-sector is rarely afforded to the public market. These assets are tightly guarded - they exhibit fortress-like fundamentals that are virtually impossible to replicate. The sale of Westfield Marion presented a rare opportunity to enter this sub-sector and secure a stake in one of Australia's premier performing shopping centres.” 

Australia’s retail sector has continued to lead commercial real estate investment activity in the first half of 2026, with more than $3.5 billion in deals announced or under contract. This follows record transaction volumes in 2025, totaling approximately $12.7 billion nationally, including $6.9 billion in regional shopping centre transactions. 

Located approximately 13 kilometres south-west of the Adelaide CBD, Westfield Marion occupies a substantial 22.8-hectare freehold site at the junction of three major arterial roads. The property is zoned Urban Activity Centre, enabling potential short, medium and long-term mixed-use development opportunities (subject to the relevant planning and co-owner approvals). 

The centre is jointly owned and managed by Scentre Group. 

Comprising a total gross lettable area of around 138,000sqm, the centre is anchored by David Jones, Myer, Woolworths, Coles, Aldi, Kmart, Big W, Target, Harris Scarfe, Event Cinemas, Bunnings Warehouse and Dan Murphy’s. 

Westfield Marion is underpinned by robust annual retail sales of over $1 billion, has a specialty productivity rate of greater than $14,000/sqm which is ranked 15th nationally (Shopping Centre News Big Guns 2025) and performs above the Urbis 2024 ‘Regional Shopping Centres’ benchmark.

The centre draws 12.5 million customers annually and currently caters to a significant trade area population of over 522,242 residents, which is forecast to reach 591,292 residents by 2046.