Business
Scentre plunges to $3.6b loss as pandemic sinks value of malls – Sydney Morning Herald
Plunging property values resulting from the pandemic has left Australia’s largest shopping mall owner Scentre Group with a $3.6 billion loss.
It reported an unrealised non-cash reduction of $4 billion in the value of its vast Westfield shopping centre portfolio.
The result mirrors its rival Vicinity Centres, the country’s second largest shopping centre landlord, which saw $1.79 billion wiped off the value of its extensive portfolio from COVID-19.
At its peak, the pandemic gutted foot traffic in major shopping centres across the country, forcing multiple shops to close and putting significant pressure on rental income from tenants.
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