Australian Retirement Trust (ART) has agreed to acquire a 50 per cent interest in Brisbane’s Westfield Mt Gravatt from ASX-listed Scentre Group, building on its growing exposure to Australian retail property.
Subject to Australian Competition and Consumer Commission clearance, the $882.5 million agreement will be the largest single-asset retail transaction completed in Australia this calendar year and follows ART’s record $3 billion of Australian property investments last financial year.
Westfield Mt Gravatt attracted 17.4 million visitors in 2025 and is among Queensland’s largest retail precincts, spanning 141,700 square metres and housing 376 tenants.
The transaction also extends ART’s partnership with Scentre Group after the super fund acquired a 19.9 per cent interest in Westfield Sydney for $864 million in February 2026. Westfield Mt Gravatt generated more than $1 billion in total sales last year.
Scentre Group will continue to manage the Brisbane retail centre following completion of the acquisition, while ART’s long-term investment partner QIC will manage the fund’s interest in the asset.
ART general manager mid risk assets, Michael Weaver, said the fund saw opportunities in Australian retail property, particularly in major assets that had demonstrated resilience.
“At ART, we believe there is opportunity in the retail property market in Australia to generate strong long-term returns for members, especially for major assets that have demonstrated resilience,” Weaver said.
“Through our partnerships with Scentre Group and QIC, we invest in the communities where Australians live, work and spend time.
“Our investment in Westfield Mt Gravatt is a great example of how ART invests in local assets that directly contribute to Australia’s economic growth, jobs and opportunities.”
QIC Real Estate managing director Deborah Coakley said the acquisition represented another step in building ART’s portfolio of retail assets.
“We are pleased to support ART in achieving its strategic objectives through investment e, due diligence, active investment management and a disciplined focus on long-term value creation,” Coakley said.
“The addition of Westfield Mt Gravatt complements ART’s investment in Westfield Sydney and reflects a disciplined approach to investing in assets with proven performance, strategic locations and long-term growth potential, while further strengthening the partnership between ART, QIC and Scentre Group.”
Scentre Group chief executive officer Elliott Rusanow said the deal extended the group’s strategic relationship with ART.
“The group is very pleased to extend our strategic relationship with ART with this transaction which follows their 19.9 per cent investment in Westfield Sydney. It demonstrates our ability to create long-term investment opportunities for our capital partners.”
The acquisition follows a significant increase in ART’s domestic property investment, with the fund investing a record $3 billion in Australian real estate during 2025–26 and committing a further $2.2 billion. ART holds about $188 billion in Australian-based investments.
As at 30 June 2026, about $5 of every $100 of members’ funds was invested in real estate, depending on the member’s investment option. ART manages around $375 billion in retirement savings for more than 2.4 million Australians.
