Tag: WFD

So it’s good-bye to Westfield Corporation as an independent Australian-controlled company after its investors yesterday gave the green light to the $32 billion takeover by the Paris-based Unibail-Rodamco shopping mall, owner – Europe’s largest.

European Unibail Rodamco will buy Westfield for $US24.7 billion, or more than $A32 billion and create a global giant.

The impact of the UK’s June 23 Brexit vote continues to catch Australian companies unawares.

Westfield Corporation (WFD), the international arm of the retail mall empire started by Frank Lowy, is looking to decamp from Australia for an offshore listing within the next year.

Westfield (WDC) brought itself a bit more market favour yesterday with a $US1.6 billion restructuring of its international shopping centre portfolio, the third such move this year.

Retail property giant Westfield Group said Wednesday that the "rapid and significant" rise in the value of the Australian dollar has impacted the value of reported foreign earnings.

The Lowy Family’s hold on Westfield Group was eased a touch yesterday with David Lowy stepping down (along with long time director, David Gonski), and 80 year old co-founder frank Lowy stepping back to be a non-executive chairman.

A less than auspicious stockmarket start yesterday for Westfield Retail Trust (WRT), the spin-off from the Lowy family’s Westfield Group.

Westfield Group has confirmed reports last month in the UK media that it is going to sell a stake in its second big British shopping mall at Stratford City in London, near the site of the 2012 Olympics.

Westfield has confirmed Tuesday’s market leaks and will create a new listed trust and seek to raise $3.5 billion.

Westfield shares were placed in a trading halt yesterday ahead of an announcement today that will see the company’s Australian operations split from the rest of the business.

Still in retailing and mall major, Westfield Group posted operational earnings of $1.03 billion in the first-half of 2010, the company told the ASX yesterday.

Despite those slowing sales from its Australian retailing powerhouse, shopping centre giant, Westfield Group is looking to start building again.

No one found much good in the Westfield full year result, except that the company returned to profit in the second half.

The securities of Westfield have fallen by around 10%, or more than $1 since the group revealed its 2008 results, with accompanying asset write-downs and cuts to distributions.

Punters got it wrong on one notable count in reacting to profit announcements yesterday.

Shopping centre giant, Westfield Group (WDC) is set to acquire interest in the World Trade Centre retail facilities after it signed a letter of intent with authorities in New York, the group said on Monday.

A bullish third quarter statement from Westfield Group all but fell on deaf ears yesterday.

Westfield Group shares survived the first day of trading since announcing its mammoth $3 billion share issue last week in not too bad a shape.

Westfield Group's huge capital raising from shareholders is a big, big sign to investors that the smartest players in retailing property think the years of easy and cheap money are coming to an end.