Pensions buy stake in Westfield

The Australian owner of the Westfield shopping centre has sold a stake in its Stratford shopping development to Dutch and Canadian pension funds for £871.5m. Westfield Group has agreed to sell a 50 per cent stake in the retail arm of the development next to the 2012 Olympic Games site to APG and the Canadian Pension Plan Investment Board. The deal, due to complete in late 2011, is part of Westfield’s strategy to create a new $12bn property fund.