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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.

@LukeToddUK

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