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Australia’s Westfield to split Holdings



Westfield Group, the shopping centre giant in Australia, has been given the shareholder go-ahead to split the empire. 
This comes after a tight vote which placed a spotlight on the restructuring policy. The split which was announced during December will see the group’s Australian and New Zealand businesses merge with Westfield Retail Trust. This move will result in Westfield Retail Trust becoming a US$26bn corporation which will be listed on the Australian stock market by its new name, Scentre.

Westfield Group will in future be named Westfield Corporation, with total assets of US$17.6bn and holdings in 44 shopping centres across Europe, the UK and the US.

The shareholder vote for the deal settled at 76%, only 1% above the minimum 75% required. A vote done previously was postponed after indications that the limit would not be met. Almost 98% of the group’s shareholders voted in favour of the deal during May.

Frank Lowy, Westfield Group Chairman, will head both companies and stated his confidence in the deal. The Chairman of Westfield Retail Trust, Richard Warburton, also expressed his pleasure at the result.


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Westfield World Trade Center GLA:365 000 SF
ADDRESS: World Trade Center, Manhattan, NY 10007
Dania Pointe GLA:975 000 SF
ADDRESS: 292-344 North Bryan Road, Dania Beach, FL 33004
USA . Fort Lauderdale
Dania Pointe
Cabot Circus GLA:990 280 SF
ADDRESS: Glass House, Bristol BS1 3BX
United Kingdom . Bristol
Cabot Circus
Queens Place GLA:440 000 SF
ADDRESS: 88-01 Queens Boulevard Elmhurst, NY 11373
USA . New York
Queens Place


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