Shopping centre giant Scentre, backed by Barrenjoey Private Capital, has bought the remaining stake in Adelaide’s second-largest mall, Westfield Tea Tree Plaza, for $308 million, a price that represents a 12 per cent discount to the book value at which Scentre holds the other half it already owns.

The deal price is $42 million lower than the $349.5 million at which Scentre’s existing half was valued in December. It is also a chunky $102 million or 25 per cent less than the peak value of $410 million six years ago. The latest pricing for a major mall deal will send a strong signal on valuations in a market where an estimated $2 billion of assets are waiting in the wings to be traded.