Westfield Secures Funds for Restructure

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Friday, March 28th, 2014
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Westfield Group has secured $22 billion in funding for its plans to split its Australian and New Zealand operations from its international business.

Under the plan, its Australian and New Zealand business would merge with Westfield Retail Trust, a joint owner of Westfield’s Australian shopping centres, to form what will be called Scentre Group.

The international business would become Westfield Corporation.

Westfield said it has secured $8 billion of two- to six-year bank facilities, and $14 billion of two-year bridge facilities.

Westfield Group and Westfield Retail Trust shareholders are due to meet in late May to vote on the proposal.

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