Scentre Group (ASX:SCG) agreed to sell Australian Retirement Trust (ART) a 50% interest in Brisbane's Westfield Mt Gravatt for AU$882.5 million, according to an Australian bourse filing on Monday after market hours.

The deal comprises a 50% property interest being sold for AU$870 million at a 5.5% capitalization rate, plus a 50% interest in an adjacent sundry land priced at AU$12.5 million, with total proceeds representing a 3.5% premium to the December 2025 book value, per the filing.

The company will retain the remaining 50% stake and continue as the property, leasing, and development manager, the filing said.

The transaction is subject to ART securing clearance from the Australian Competition and Consumer Commission, the filing added.