The surprise split of Westfield Group’s international and Australian operations may see the overseas company listed on the New York Stock Exchange, according to The Australian.
Yesterday, chairman Frank Lowy said Westfield Retail Trust would be joined with Westfield Group before the company is demerged to create an international company – Westfield Corporation – and a local arm – Scentre Group.
“The two new entities will be listed on the ASX and have separate boards and management teams,” the company said in a statement.
According to The Australian however, the newly formed Westfield Corporation may also be looking to list on the New York Stock Exchange, with the paper citing “well-placed sources”.
Adding weight to the theory is Westfield’s increased focus on the United States and Mr Lowy’s purchase of a $13 million apartment in New York earlier this year.
Meanwhile, ratings agency Standard & Poor’s has put Westfield Group and Westfield Retail Trust on ‘credit watch negative’ in the wake of the demerger. Such a move is considered a significant step toward a ratings downgrade.