Scentre Group (SCG.AX): Warringah Mall Tour: Strong Specialty Sales, Reconfiguration Opportunity & Developing Residential Option

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Scentre Group (SCG.AX): Warringah Mall Tour: Strong Specialty Sales, Reconfiguration Opportunity & Developing Residential Option

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16 Jun 2026 19:00:00 ET │ 11 pages

Scentre Group (SCG.AX)

Warringah Mall Tour: Strong Specialty Sales, Reconfiguration

Opportunity & Developing Residential Option

CITI’S TAKE Buy

Warringah Mall seems to be outperforming expectations. Specialty sales Price (15 Jun 26 16:00) A$3.89

continue tracking ~5% growth, visitation has held firm at ~11 million Target price A$4.40

annually, and the centre’s trade area demographics — high-income yet

Expected share price return 13.1% balanced — are proving resilient to cost-of-living pressures. Vacancy is

low and demand from domestic and international retailers is ahead of Expected dividend yield 4.7%

available supply, a positively surprising position given more sombre Expected total return 17.8%

current retail sentiment. The more compelling story, however, is the Market Cap A$20,317M

residential development optionality: a planned 1,500-apartment, ~9- US$14,480M

tower project via the NSW government’s fast-track HDA pathway,

targeting ground-break by end of the decade. With Scentre contributing

land as equity in a capital-light structure, the group is positioning for

meaningful NTA uplift over time. Although it is early, it is our view that the Howard PennyAC

market is not yet fully pricing in this mixed-use optionality. The +61-2-8225-4819

combination of resilient retail income and a significant development howard.penny@citi.com

pipeline makes this a compelling long-term proposition.

Retail Operations: Resilient Despite Macro Headwinds

• Warringah Mall services a trade area of ~330,000 people, generating

approximately 11 million visits per annum — a high frequency ratio reflecting