May 20, 2018 Last Updated 7:58 AM, May 18, 2018

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Scentre Group announces Westfield expansion plans

AusBN – Scentre Group (ASX: SCG) has announced plans to embark on a A$450 million expansion of Perth’s Westfield Innaloo.

Under the redevelopment plans the shopping centre’s lettable area will grow from 51,300 square metres to 99,000 square metres.

An additional 110 shops will also be added under the redevelopment plans, which will make it the second largest shopping centre in Western Australia.

Scentre Group Development general manager Roy Gruenpeter said: “Westfield Innaloo will become a true community hub on completion of this proposed development.

“The centre will be home to a fully-integrated precinct that includes the very best in retail, dining, entertainment and leisure with the potential for high-demand community facilities.”

@AusBNOnline

CCCC acquires John Holland

AusBN – China’s CCCC International Holding has acquired John Holland in a deal worth an estimated US$881.8 million.

John Holland is one of Australia’s biggest engineering and construction firms and has a presence in eight countries across the world.

Joe Hockey, Australia’s treasurer, gave the approval for the deal and said: "The government welcomes foreign investment where it is not contrary to our national interest.

"Foreign investment has helped build Australia's economy and will continue to enhance the wellbeing of Australians by supporting economic growth and prosperity."

Recent reports have also brought attention to CCCC’s relationship with the World Bank following fraud relating to road projects in the Philippines.

Hockey added: "I have sought advice and action on these and other issues in relation to CCCC.

"As a result, appropriate arrangements have been put in place to mitigate any concerns in relation to this issue and I am satisfied that this investment is not contrary to our national interest.”

@AusBNOnline

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