Westfield to separate UK arm from Australian operations

Michael Bow
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THE PARENT company of west London shopping centre Westfields yesterday said it would carve out its international operations into a standalone business.

Westfield Group, which is listed in its Australian homeland, said it will form a company called Westfield Corporation to house its UK and overseas operations.

Its native operations in Australia and New Zealand will be merged with the Westfield Retail Trust to create a company called Scentre Group. Both Scentre and Westfield Corp will remain listed.

“Westfield's international business and its Australian and New Zealand business have both grown in scale and quality to the stage where they can now stand on their own,” chair Frank Lowy said.