** Scentre Group rises as much as 1% to A$3.535, its highest since Feb 27, 2020

** Property developer priced $A900 mln ($601.2 mln) note issue on Friday

** Citi raises PT to A$3.60 from A$3.50, retains "neutral"

** Increases FY25 and FY26 FFO/shr forecast by 1.9% and 0.7%, respectively

** Notes SCG has A$3.7 bln of subordinated loans and can buy back 10% of that from Nov

** "These buybacks should be even more accretive as potentially longer dated notes will be replaced potentially with even cheaper Australian bank debt or more attractive sources of finance"

** SCG now up 18% YTD, while the real estate index is up ~16%

($1 = 1.4968 Australian dollars)

(Reporting by Echha Jain in Bengaluru)

((Echha.jain@thomsonreuters.com))