Westfield Works to Split Assets

Wednesday, May 7th, 2014
liked this article
Boutique Lawyers – 300 x 250 (expires December 31)
westfield sydney
FavoriteLoadingsave article

Shopping centre giant Westfield Group has sweetened its plan to split its Australian and New Zealand assets from its international operations.

Westfield’s Australian and New Zealand assets, which includes 47 shopping centres, are set to merge with Westfield Retail Trust, a joint owner of the Australian shopping centres.

The merged entity will be called Scentre Group, and under new changes to the proposal, Scentre Group will now carry $300 million less in debt than originally planned.

Westfield chairman Frank Lowy said key investors supported the merger, but the new debt arrangements were made to address some concerns raised.

Security holders are due to vote on the split on May 29.

FavoriteLoadingsave article


 characters available
*Please refer to our comment policy before submitting