Industry News

Scentre Group to Target Net Zero Emissions by 2030

Westfield Coomera carpark and rooftop solar

Scentre Group has today announced it will pursue a net zero emissions target by 2030 across its wholly-owned portfolio of Westfield Living Centres. This builds on the company’s existing environmental targets, energy efficiency initiatives and targeted renewable energy generation and investment opportunities.

Scentre Group CEO Peter Allen said: “We are committed to ensuring we have an efficient and resilient long-term business that balances the needs of our stakeholders. As part of this commitment the Group considers net zero emissions by 2030 as a natural evolution of the environmental pillar of our Sustainable Business Framework. Work will continue in 2020 to align existing and new energy efficiency and renewable initiatives to this target and ensure our pathway informs capital investment decisions.

“Since the establishment of Scentre Group we have reduced our electricity use every year. Our continued reduction in energy use and emissions intensity across the portfolio whilst managing increased customer demand is evidence that our centre management teams are effectively using our energy monitoring tools and digital platforms to make decisions and drive energy efficiency on a daily basis.”

During 2019, Scentre Group generated approximately nine Gigawatt hours (GWh) from solar installations across five of its Westfield Living Centres – Westfield Marion, Westfield Plenty Valley, Westfield Carousel, Westfield Kotara and Westfield Coomera. The Group continues to invest in solar generation across our assets.

Scentre Group’s average NABERS portfolio rating is 4.13 against a 2025 target of 4.5. “With efficient deployment of capital, increased adoption of technology, continued focus on energy efficiency of existing assets via our national energy efficiency framework as well as waste and recycling initiatives, we will continue to reduce our environmental footprint.”

Westfield Carindale

Scentre Group today released its results for the 12 months to 31 December 2019, with Funds From Operations (“FFO”) of $1.345 billion, in line with forecast.

During the year, the Group released $2.1 billion of capital from the divestment of the Sydney Office Towers and the joint venturing of Westfield Burwood.

The capital released from these transactions is being redeployed into the business – through providing additional financial capacity for future activities and the security buy-back program of up to $800 million.

In late 2019, the Group acquired a 50% interest in Westfield Booragoon in Perth for $570 million and became the long-term property and development manager for the centre.

During the 4th quarter of 2019, the Group completed the NZD790 million Westfield Newmarket development, which has become the leading lifestyle and fashion destination in New Zealand.

Westfield Newmarket launch with authentic Māori performances and Haka

“We have continued to reinvest in our portfolio with a number of special projects that enhance the customer experience. This includes the opening of the Bradley Street dining precinct at Westfield Woden in Canberra, bringing six new restaurants as part of a $21 million redevelopment; commencement of a $50 million project at Westfield Carindale which has delivered a new format David Jones store and will introduce Kmart to the centre; and commencement of construction at Westfield Mt Druitt to deliver a $55 million dining and entertainment precinct, adding 12 new rooftop restaurants and entertainment usages for our customers.” said Allen.

The Conservatory, part of Westfield Doncaster’s $30 million upgrade

Other projects are progressing well including the $30 million expansion and refurbishment of the level 2 dining precinct at Westfield Doncaster, which will introduce 12 new restaurants.

The Group continues to progress pre-development work on more than $3 billion of future retail development opportunities.

Scentre Group has total assets of $40 billion and assets under management of $56 billion.

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