Westfield in £2.2bn rights issue

The owner of Westfield shopping centre, Westfield Group, is to raise A$3.5bn (£2.2bn) through a rights issue that will involve creating a new company from 54 Australian and New Zealand shopping centres. The issue will be made up of an Au$2bn public offering, with the rest offered to existing security holders. The main benefit to the group will be a A$4.4bn reduction in its debt, enabling it to pursue what it claims are plans for A$10bn worth of development and new opportunities.