Outgoing Scentre chairman, Frank Lowy, says now is the right time to hand the reins to director Brian Schwartz.

Schwartz is taking over as chair of Scentre, the owner of Westfield shopping malls in Australia and New Zealand, after being re-elected to the board at the company’s annual general meeting (AGM) in Sydney on Thursday.

Lowy said he had seen through the Scentre transition and provided continuity for the group which split from its parent company Westfield Corp in mid 2014.

“The company is now so well positioned for future success so I can stand down and feel very satisfied and comfortable about it,” Lowy told the company’s AGM.

“I know I’m leaving the company in good hands.”

Lowy said it was an emotional day for him as he took a nostalgic look at the Westfield shopping centre centre chain which he started with John Saunders 56 years ago.

But he said there was much to be optimistic about, not just with the future of the Scentre Group, but the future of Australia.

“I came here with almost nothing, but I was embraced and given every opportunity to succeed and flourish,” he said.

Schwartz was re-elected as a director with more than 99 per cent of the shareholder vote and said succeeding Lowy as chairman was like coming in to bat after Don Bradman or taking to the soccer pitch after Pele.

“I look forward to being able to work on your behalf to continue to deliver shareholder value to you,” he said.

Schwartz said he had recently retired as deputy chairman of the Football Federation of Australia (FFA), leaving him with sufficient time to take his new role at Scentre Group.

He also paid tribute to Lowy who he said always encouraged debate and would seek consensus.

Scentre said it had seen strong sales growth in the March quarter as specialty sales rose 4.5 per cent during the quarter in Australia and 6.3 per cent in New Zealand.

The group expects a three per cent increase in funds from operations in 2016, with a likely two per cent increase in distribution to 21.3 cents per security.

Former Reserve Bank of Australia board member, Dick Warburton, also stepped down as director of Scentre Group at the company’s AGM.

AAP

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