Scentre Group said it has agreed to sell three shopping malls in New Zealand, generating combined gross proceeds of $NZ549 million ($499 million).
Scentre said it would sell the Westfield Glenfield mall to the Ladstone Holdings group of companies, anticipating the deal would complete on Monday.
It has also agreed to sell the Westfield Queensgate and Westfield Chartwell malls to Diversified NZ Property Fund, which is managed by Stride Property. This deal required approval from New Zealand's investment watchdog, and is expected to close in the first half of 2016.
Scentre also said it has repaid notes valued at $280m linked to several Australian properties.
"By repaying this series of notes, the group has effectively re-cycled capital from the sale of the three New Zealand centres into the six Australian Westfield centres represented by the notes at a weighted average cap rate of 5.9 per cent," Scentre said in a statement.
The deals won't affect Scentre's funds from operations this year, with the company reaffirming a target of 22.5 cents a security and a distribution target of 20.9 cents a security.