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10/11/2010

Westfield creates property trust

Westfield Group, the owner of the huge Shepherds Bush shopping complex, has announced plans to create a new separately-listed property…

Westfield Group, the owner of the huge Shepherds Bush shopping complex, has announced plans to create a new separately-listed property trust that will own a 50 percent stake in its retail centres across Australia and New Zealand.

Already owning 54 shopping malls in Australasia, the plans are set to raise A$3.5bn (£2.2bn) in equity. The new body will be known as Westfield Retail Trust and will have gross assets of A$12.2bn, as well as a separate management team.

Westfield are said to be responding to market demand for a domestic trust. These changes will ultimately enhance potential earnings and a return on equity over time.

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