Westfield declares stake in property firm

Westfield is behind the White City development in London

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Westfield, the Australian developer behind London's White City development, has bought a 2.96% stake in Liberty International, which runs a raft of UK shopping centres.

Westfield bought 10.7 million shares in Liberty International, which owns Capital Shopping Centres, in June and July at an average price of 853p per ordinary share, representing a total investment of approximately £91m.

The increase comes just days after US property developer Simon Property Group declared a holding of 3.5%.

According to The Financial Times newspaper, the stake is expected to rise further to 5% before the end of the week, strengthening the prospect of a bid for Liberty International.