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Westfield's global bet pays off

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Westfield Corporation's flagship stores have delivered a solid performance in the year to September, after the group's split from its Australian and New Zealand businesses earlier this year.

In the year to September 30, Westfield's flagship stores recorded specialty sales growth of 4.4 per cent, while average specialty store rent grew 5.6 per cent.

Westfield's flagship assets comprise 66 per cent of the group's portfolio, include Westfield London, and have a value of $18.3 billion.

Looking ahead, Westfield anticipates its $1.425bn World Trade Centre development in lower Manhattan will be completed in the second half of fiscal 2015.

The $250m Village at Topanga project in California, of which Westfield's share is $138m, is also expected to be completed in the second half of fiscal 2015.

In June, Westfield demerged its local operations -- which merged with Westfield Retail Trust to form Scentre Group -- to focus purely on its global operations. 

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Property group's flagship assets deliver solid sales, rent growth in year to September 30.

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Companies: ASX Listed


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