Westfield Figtree and Warrawong have been sold to global real estate giant Blackstone.
Blackstone Real Estate Asia has bought the two centres, along with Strathpine in Queensland.
The fourth centre, North Rocks in Sydney, is being bought by Challenger.
The Scentre Group, which operates Westfield shopping centres in Australia and New Zealand, expects to reap $783 million from the sale of the four centres.
The gross proceeds will represent a 3.4 per cent premium to the June 30, 2015, book values.
Scentre says it will funnel the proceeds into redevelopments.
From the date of settlement, investment management company Jones Lang LaSalle will become managers of the shopping centres.
‘‘Until the settlement of this transaction, which is expected to be this month, Scentre Group will continue to manage the shopping centres, endeavouring to aid the smooth transition towards the new ownership,’’ Scentre Group said in a statement.
Westfield spun off Scentre in 2014 so they could focus on the US, UK and European markets.
Scentre made a profit of almost $1.1 billion in the six months to June 30 and said specialty retail sales – a key driver of rental income – rose 6.1 per cent in that period. During July, sales were up more than 7 per cent.
Westfield Figtree is celebrating its 50th anniversary and is currently running promotions to mark the milestone.
It was opened in September 1965. It underwent a $20 million facelift which was unveiled in October 2008.
The extension, which took eight months to complete, added 22 new stores and retail booths to the centre and close to 2000 square metres of floor space.
Westfield Warrawong opened in 1960 as Lake Market Shopping Centre and was acquired by the Westfield Group in 1985.