Scentre Group (ASX:SCG) said its joint venture partner, Dexus Wholesale Shopping Centre Fund (DWSF), will buy a 25% stake in Westfield Chermside, a Brisbane shopping center owned and operated by the company, according to a Friday filing with the Australian bourse.

In a separate filing, Dexus (ASX:DXS) said it has launched the Dexus Strategic Investment Trust series. The acquisition of the Westfield Chermside stake will seed the first fund in the series.

Upon completion of the acquisition, Scentre said it will have a 50% stake in the shopping center and will remain the property, leasing, and development manager.

The company will also invest AU$50 million into DWSF to be held for a temporary period.

The deal is expected to be completed before the year ends, the company said.