Scentre Group vs GPT Group shares: Which ASX REIT is the better buy?
If you’re weighing up Scentre Group (ASX: SCG) and GPT Group (ASX: GPT) shares, you’re not alone. Both are heavyweights in the Australian real estate investment trust (REIT) sector, and each brings something different to the table. For investors keen on passive income and exposure to commercial property, these ASX REITs offer a compelling head-to-head â especially with both now trading below where they started the year. Which is more likely to beat the ASX 200 from here? Let’s take a closer look.
The case for Scentre Group
Scentre Group is best known for owning and operating 42 Westfield shopping centres across Australia and New Zealand, including many of the region’s flagship retail destinations. Formed in 2014 from the restructure of Westfield Group, Scentre has built a diversified, marquee portfolio with more than $51 billion in retail assets under management, as of its company profile. The group’s strategy centres on anchoring with major retail tenants, while attracting a wide mix of specialty retailers, entertainment, and lifestyle operators.
Several fundamentals jump out. Scentre’s market cap stands at $18.04 billion, putting it among the ASX’s largest landlords. The shares trade on a price-to-earnings (P/E) ratio of 9.17, with an earnings per share (EPS) of $0.376 and a dividend yield of 5.25%. Year to date, though, the share price has lagged, dropping 13.5%. On the dividends front, Scentre’s most recent payments show little franking, and its last interim payout was $0.0922 per share.
The case for GPT Group
GPT Group brings a broader property focus. One of Australia’s oldest listed trusts, GPT’s $8.72 billion market cap reflects a substantial, though smaller, footprint than Scentre. GPT owns and manages a spread of retail, office, and logistics assets with funds under management topping $36 billion, according to its most recent public description. Uniquely among large ASX REITs, GPT has steadily grown its industrial property portfolio â roughly 28% as of its last update â which could position it well if e-commerce and warehousing trends persist.
GPT currently sits on a P/E multiple of 8.29 and EPS of $0.549. Its dividend yield is a touch higher than Scentre’s at 5.33%, with the last interim dividend coming in at $0.1225 per share (again, with no franking). Like Scentre, GPT’s shares have struggled so far this year, down 13.8% year-to-date.
Valuation comparison
Both Scentre Group and GPT Group are trading at relatively similar valuation multiples, but there are a few notable differences worth spelling out:
| Scentre Group | GPT Group | |
|---|---|---|
| Market Cap | $18.04b | $8.72b |
| P/E Ratio | 9.17 | 8.29 |
| Dividend Yield | 5.25% | 5.33% |
| Dividend per Share | $0.18 | $0.24 |
| EPS | 0.376 | 0.549 |
| Year-to-Date Return | -13.5% | -13.8% |
Note: GPT’s P/E and EPS numbers are mathematically consistent, but Scentre’s are less so, suggesting the P/E may be based on an alternative earnings measure.
Scentre is the bigger company by market capitalisation and has a marginally higher P/E. GPT edges ahead slightly on dividend yield and dividend per share, with both offering yields well above cash rates â a big draw for income-focused investors. Both have paid unfranked dividends lately, so franking isn’t a distinguishing factor.
Recent share price momentum
Let’s see how both performed recently. Using closing prices from 9 October 2026 â the most recent shared date in the data:
- Scentre closed at $3.45 per share, up 0.29% on the day, but still down 13.5% year-to-date.
- GPT closed at $4.55 per share, up 1.11% on the day, with a yearly decline of 13.8%.
While both stocks have suffered through the year, GPT showed a slightly stronger daily move on this shared date. Overall, though, they’ve tracked a remarkably similar negative trend during 2026, each surrendering well over 13% of their value since the start of the year.
Which is the better buy?
For my money, I’d lean towards GPT Group for a shot at outperforming the ASX 200 from here. Both businesses offer similar dividend yields and have taken a beating this year, but GPT’s portfolio mix could be a quiet advantage, particularly its growing industrial and logistics component. That gives GPT a bit more exposure to property trends beyond retail shopping centres â an area that’s seen pockets of resilience and growth recently.
GPT also scores slightly better on headline valuation metrics: its P/E multiple is lower, its dividend yield is marginally higher, and its EPS is well ahead of Scentre’s. Scentre is by far the larger landlord and operator of blue-chip retail assets, but the challenging retail backdrop and comparable yield make GPT look more interesting to me on risk/reward grounds right now.
Of course, both are trading well below their 2026 highs â not unusual for REITs in a rising interest rate environment. As ever, investors looking for outperformance versus the ASX 200 will want to keep an eye on further shifts in rates and property values. But today, my pick would be GPT Group: it’s cheaper, offers a better income stream, and has that diversified edge that could help it rebound sooner.
The post Scentre Group vs GPT Group: Which ASX REIT is more likely to beat the market? appeared first on The Motley Fool Australia.
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Motley Fool contributor Laura Stewart has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips. This article was prepared with the assistance of Large Language Model (LLM) tools for the initial draft. Any content assisted by AI is subject to our robust human-in-the-loop quality control framework, involving thorough review, substantial editing, and fact-checking by our experienced writers and editors holding appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content published by The Motley Fool Australia.