Business
Value of Westfield malls plunges 10pc as pandemic takes toll – Sydney Morning Herald
Despite the hit, Scentre Group said chief executive Peter Allen would go back to full pay after a temporary cut during the pandemic.
“The board has reviewed these arrangements and has determined that board fees and fixed remuneration for the executive team will revert to their previous levels, effective from 1 August 2020,” Scentre said.
Mr Allens remuneration last year was $7.5 million.
The steep decline in the value of Westfields malls mirrors its rival Vicinity Centres, the country’s second-largest shopping centre landlord, which saw $1.79 billion wiped off its extensive portfolio from COVID-19.
Vicinity, the co-owner o…
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