Wednesday, May 22, 2019

Westfield considering a listing in London


Australian shopping centre group Westfield has revealed it is considering a listing in London following a restructure announcement to split its Australian and New Zealand businesses.

Selling a 50 per cent stake in its Australian and New Zealand assets to the Westfield Retail Trust, which owns the other 50 per cent, will free up resources for it to focus on its European and US arm.

Chairman Peter Lowy said its Australian and New Zealand businesses had “grown in scale and quality” to the stage where they can stand on their own.

“We‘re going to look at listing the company in New York, London or here in Australia – all of them are under consideration,” he said yesterday.

The firm said comparable property net operating income in the United States was up 4.7 per cent, the United Kingdom up 4.3 per cent and Australia up 2 per cent.

Westfield will also acquire the remaining 50 per cent interest in the upcoming Westfield World Trade Center in New York.

Lowy‘s comments came as the shopping centre group posted a sales increase of 3.1 per cent in 2013 as profits rose to £1.6bn.