Shopping centre owner Federation Centres has sold a half share in six of its properties for $602 million.

Fund manager Challenger has taken a 50 per cent ownership in the Bankstown, Roselands and Lennox shopping centres in Sydney; the Toormina centre on the NSW north coast; and centres in Sunshine in Victoria and Karratha in Western Australia.

Federation Centres, formerly known as Centro, will remain the manager of each of the centres.

The part-ownership deal will reduce Federation Centres’ costs and support its credit rating, managing director Steven Sewell said in a statement on Wednesday.

The transaction with Challenger is expected to be finalised by July 31.