Westfield plans massive merger
Monday 26 April 2004
The Lowy family has announced plans to turn their shopping centre empire into the largest in the world, with Westfield Holdings to merge with the two major Westfield property trusts.
By The LandlordWestfield Holdings, Westfield Trust and Westfield America Trust will be pulled together to form a new company called the Westfield Group, which will have a total market capitalisation of more than $25.7 billion.
The Westfield Group will manage a total of 123 shopping centres in New Zealand, Australia, the United States and the United Kingdom.
In New Zealand, Westfield owns or manages 12 shopping centres in Auckland, Wellington, Hamilton and Christchurch, according to the company's website.
It will be the biggest retail property group in the world and the eighth biggest listed company in Australia - coming after Telstra and before Woolworths.
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