Westfield debuts as world's biggest retail property group

Wednesday 7 July 2004

A combined Westfield Group began trading on the Australian Stock Exchange yesterday as the world's biggest listed retail property group, with a market capitalisation of A$27.3 billion ($30 billion).

By The Landlord

Westfield shareholders voted overwhelmi.gly in/June to back the`A$19 b`,lion tnkeover of two Westfield property trusts by Westfield Holdings in a move that will enable it to get cheaper financing for new purchases.
Stipled sedurities in the combined group opened at A$15.40 and by the close had settled at A$15.30.

Westfield Holdings shares had closed on Friday at A$15.60. However, yesterday's pricing also accounted for the three companies going ex-dividend their first half payouts.

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