Scentre Group release six month results to June 30

Scentre Group announced the sale of four local shopping centres amounting to $783 million due to settle in the third quarter of 2015.

Releasing their results for the six months to June 30 2015, funds from operations came to 11.38 cents per security and distribution of 10.45 cents per security, keeping in line with forecasts.

Scentre Group expects to meet its 2015 full year FFO forecast of 22.5 cents per security making for 3.5% growth and a distribution forecast of 20.9 cents per security. 

Scentre Group chief executive officer Peter Allen said the group is pleased with these operational results, which reflect the focus of driving value from our high quality shopping centre portfolio.

"In addition to having 14 of the top 20 shopping centres in Australia by annual sales, each of Bondi Junction and Westfield Sydney now generate annual sales in excess of $1.0 billion," he said.

“The Group is committed to creating extraordinary places connecting and enriching communities, and this year has announced a number of major initiatives, including $825 million of development starts, new services to improve the shopper and retailer experience, and an improvement in the quality of the Australian portfolio.

Gross proceeds of recent sales account $783 million, a 3.4% premium to 30 June 2015 book values.

The Group maintains its forecast FFO of 22.5 cents per security, representing 3.5% growth with a distribution forecast of 20.9 cents per security for the twelve months ending