Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Westfield results spur expansion

Westfield Corporation, which owns Westfield London and Westfield Stratford City, today announced net profit of $582m (£374m) during the second half of 2014 as it ploughs ahead with $11.4bn (£7.3bn) of expansion.

The business posted earnings with funds from operations of $391m (£252m) for the six months to December 31 2014.

In the trading update it also announced that Peter Lowy, current co-chief executive officer and the second eldest son of founder and chairman Frank Lowy,has reconsidered his decision to step down and will remain in the position alongside his younger brother Steven Lowy. It has also promoted Elliott Rusanow to chief financial officer from the deputy role.

Developments totaling $11.4bn (£7.3bn) comprise $2.4bn (£1.5bn) of projects currently under construction such as the £260m project at Bradford and $9bn (£5.8bn) of planned projects including the £600m extension of Westfield London.

It said significant progress had been made on plans for the first Italian Galeries Lafayette department store in Milan.

Westfield Corporation was formed on June 30, 2014, following a restructure of the Westfield Group and the merger of Westfield Group’s Australian and New Zealand Business with Westfield Retail Trust into a new company called Scentre Group.


Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.