May 2026
đź“Ł VC round data is live. Check it out!
Largest Buildings & Property Public Companies in Australia
Benchmark revenue and EBITDA valuation multiples for public comps like
Scentre Group, Vicinity Centres, GPT Group, Mirvac Group and Dexus.
 | Scentre Group owns the largest premium shopping center portfolio in Australia and New Zealand, operating 42 Westfield malls. This includes seven of the top 10 malls in Australia by sales turnover and four of the top five in New Zealand. Westfield centers are typically one-stop shopping destinations, each with a comprehensive range of retail, service, lifestyle, and entertainment offerings. About half the retail floorspace is leased to anchor tenants, and half to specialty tenants. The vast majority of Scentre’s income is derived from rents. The group also earns small management fees for managing properties and development projects on behalf of capital partners. | $3 | +2% | $14B | $24B | 12.6x | 13.8x | ||
| Vicinity Centres operates over 50 shopping malls in Australia. They include several iconic city centers, like Queen Victoria Building, The Strand Arcade and The Galeries in Sydney, which are frequented by tourists and office workers nearby. Melbourne’s Chadstone, Vicinity’s crown jewel, is Australia’s largest and highest turnover shopping mall. Smaller regional and neighborhood centers, to which Vicinity is consciously trimming exposure, account for around 15% of the portfolio. Vast majority of Vicinity’s income is derived from rents. The group also earns small management fees for managing properties and development projects on behalf of capital partners. | $2 | +9% | $9B | $12B | 12.7x | 13.9x | ||
| GPT Group, formerly known as General Property Trust, is Australia’s first property trust. GPT has an ownership interest in, manages, and develops a diversified portfolio of retail, office, and logistics assets predominantly located in Sydney and Melbourne. Retail and office, including contributions from their respective funds management, each account for about two-fifths of group funds from operations. The rest of the earnings come from logistics. GPT manages third-party assets and mandates of AUD 28 billion as of December 2025. | $3 | +3% | $7B | $10B | 14.1x | 11.7x | ||
| Mirvac started off as a residential property developer and over time expanded into property investment, funds management, and commercial property development. Investment is the major earnings driver, generating about two-thirds of group earnings. The investment portfolio, by book value, is made up of 50% office, 20% retail, 15% industrial and the rest is build-to-rent and land lease assets. Longer term, Mirvac aims to increase exposure to the industrial and living sectors and own fewer offices and retail centers. Development income is volatile and was around one-fourth of fiscal 2025 group earnings. Besides developing apartments and houses, which Mirvac is best known for, it is also involved in commercial and mixed-use precinct developments. | $1 | -24% | $5B | $7B | 4.3x | 15.2x | ||
| Dexus has ownership interest in, manages, and develops a portfolio of office and industrial assets, about half located in Sydney. The office portfolio contributes nearly two-thirds of group earnings, and industrial assets account for about 15%. Dexus also manages third-party assets and has a funds management platform with AUD 36 billion in funds under management as of Dec. 31, 2025, spanning office, industrial, retail, healthcare, infrastructure, and their adjacent sectors. The REIT has stakes in many of the pooled funds, earning distribution income. Management is internalized, in contrast to some of its peers. | $4 | -10% | $5B | $8B | 12.1x | 15.2x | ||
| BWP Group is an Australian REIT focused on owing warehouse/bulky goods retailing properties with relatively large sites and high visibility and access to arterial roads. The portfolio of properties it owns are diversified across most Australian states and are on long-term leases to Australia’s dominant home improvement chain: Bunnings Group. Bunnings is a wholly owned subsidiary of Wesfarmers, a top 10 ASX-listed company by market capitalization. Wesfarmers owns 23% of BWP units. | $3 | +12% | $2B | $3B | 18.2x | 12.3x | ||
| Abacus Storage King is a self-storage REIT. It owns, operates, and manages a self-storage operating platform and an investment portfolio comprising self-storage properties and other investments across Australia and New Zealand. | $1 | -3% | $1B | $2B | 12.4x | 9.1x | ||
| GDI Property Group is a property owner and fund manager. It is an integrated, internally managed property and funds management group with capabilities in ownership, management, refurbishment, leasing, and syndication of office and industrial properties. The Trust is internally managed and owns a portfolio of office properties across Australia. The Group has two operating segments, property investment, funds management and Co-living JV Operation of income producing co-living accommodation facilities. The Portfolio comprises three wholly-owned properties in CBD locations namely, Mill Green Complex; Goulburn Street; Cavill Avenue. The company owns an established funds business which, in addition to managing the Trust, manages unlisted and unregistered managed investment schemes. | $0 | -13% | $229M | $509M | 8.8x | 10.6x | ||
| Elanor Commercial Property Fund is engaged in the Australian real estate investment and funds management business. The key investment sectors focus are the commercial real estate, retail real estate, and the hotels, tourism, and leisure sectors. The only operating business segment is the investment in commercial properties in Australia. The company derives maximum revenue from a diversified portfolio of Government, Multinational, and ASX-listed tenants. | $0 | -- | $170M | $298M | — | — | ||
| RAM Essential Services Property Fund is an Australian alternative asset manager, providing investment solutions in Credit, Real Estate, and Private Equity markets, for institutions and wealthy families across the globe. Its objective is to provide investors with stable and secure income with the potential for both income and capital growth through exposure to high quality, defensive portfolio of assets with favorable sector trends. | $0 | -23% | $165M | $360M | 9.7x | 15.7x | ||
| Garda Property Group invests in commercial and industrial properties and other assets by the provisions of Its constitution. The company's operating segment includes Direct investment, Debt investment, and Funds management. It generates maximum revenue from the Direct investment segment in the form of rental income. The Direct investment segment includes investment in Australian commercial and industrial property. | $1 | -14% | $146M | $206M | 11.4x | 14.0x | ||
| WOTSO is engaged in providing flexible workspace, offering various solutions ranging from a single desk to larger spaces to anyone from start-ups to small-to-medium enterprises to large corporate teams. Along with its subsidiaries, it comprises three reportable operating segments: Properties, which represent traditional commercial leases in owned properties; WOTSO FlexSpace, which represents month-to-month flexspace coworking business in both owned properties, as well as third-party leased properties; and corporate, overhead and investments segment, which is responsible for the overall management and compliance of the group and its investments. The majority of the group's revenue is generated from the WOTSO FlexSpace segment. Geographically, it operates across Australia and New Zealand. | $0 | +0% | $75M | $182M | 5.4x | 15.1x | ||
| Median | $1 | -3% | $2B | $2B | 12.1x | 13.9x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
Recent Insights
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.