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 Landlord

Westfield 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.

Read More - Opens in a new window
Commenting is closed

Property News

Major industrial development powers on

It’s full steam ahead for the Stevenson Group’s $800 million, 361-hectare industrial and residential development in South Auckland – despite the uncertainties of the post-Covid-19 era.


Resilience needed in face of change

The Reserve Bank says the commercial property sector is vulnerable to the Covid-19 crisis. But PMG Funds' chief executive believes that while there’ll be short-term pain, the biggest long-term impact will be structural change.


Mortgage lending slumps to record low in April

Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.

Site by PHP Developer