Westfield Group, which plans a restructure to focus on more lucrative offshore markets, reported a 2.3 percent gain in earnings in 2013, driven by growth in its property management and development businesses.
Westfield Group, the world’s biggest shopping mall operator by assets, plans to increase investments in the U.S. and U.K. to take advantage of rising retail demand, Co-chief Executive Officer Peter Lowy said.
Westfield Group , which last year spun off a unit owning stakes in its Australian and New Zealand malls to boost shareholder returns, prefers joint ventures with institutional investors for its U.S. and U.K. assets.
Westfield Group, the world’s biggest mall operator by assets, reported a 3 percent drop in first-half funds from operations as A$4.9 billion ($4.4 billion) of asset sales in 2012 and 2013 cut property income.
Westfield Group is in daily talks with the Port Authority of New York and New Jersey to complete an agreement to develop retail space at Manhattan’s World Trade Center site, said Chris Ward, the agency’s executive director.
General Growth Properties Inc. Chief Executive Officer Sandeep Mathrani said he’s watching rival mall owner Westfield Group ’s planned sale of 17 U.S. properties before choosing a strategy for trimming his company’s holdings.
Australian property developers Westfield Group, Centro Properties Group and Lend Lease Corp. reported $3.4 billion in losses today as the global recession slashed the value of assets and retail sales plunged.
Westfield Group, the world’s biggest shopping center operator by assets, will sell eight malls in the U.S. for $1.15 billion, using the funds to repay debt and invest in businesses offering higher returns.