A 4SquareMedia Website

SECTIONS
> Wearable Technology
> Appliances
> Automation
> Automotive
> Buyers Guide
> CEDIA 2010
> Comment
> CES
> Content & Downloads
> Digital Photography
> Gaming
> Green Energy
> HD
> Home Cinema
> Home Office
Accessories
Broadband & Web Hosting
Components
Desktop PCs
Industry
Memory
Microsoft Windows
Monitors And Screens
Notebooks & Tablets
Platforms
Printers & Multi-Function
Security & Support
Software
Storage
> How Stuff Works
> Installation
> Portable Players
> Media Centres
> Phones
> Real Sound
> Reviews
> Smart Awards 2013
> Smart Ideas
> Trio Awards 08
> TVs & Large Display
> Wireless & Networking
PRODUCT REVIEW
> Featured Reviews
SERVICES
> Advertising
> Competitions
> Contact
> Disclaimer
> Signup
> Terms & Conditions
SUBSCRIBE
> Subscribe to Newsletter
> Subscribe to Magazine



Top 10 Viewed Articles
  1. Who Has The Best LCD TV: Sony, Toshiba Or Samsung?
  2. FIRST LCD TV REVIEW: LG Scarlet 60 Vs Samsung Series 6
  3. Sony PS4 Not Far Away
  4. The Humble PC Gets A Whopping Makeover
  5. Sony Bravia LCD TVs Vs Samsung LED HD TVs Which is Best?
  6. Toshiba Working With Microsoft On New Entertainment Xbox
  7. Blu-ray Xbox 360 Planned By Microsoft
  8. Massive Failure Rate For Xbox 360 Exposed
  9. Free Sony PS3 Con
  10. How To Build Your Own Digital Media Server: Part I
Top 10 Viewed Reviews
  1. First Review: Samsung Series 7 LED TV
  2. Movies On-The-Go With Teac DVD Boombox
  3. Who Has The Best 32-inch Screen: Panasonic, Samsung, or Sony?
  4. Who Has The Best Home Theatre Kit? Denon vs Bose
  5. Every Bit Of Defence Counts
  6. New Denon Home Theatre Makes Bose Look Like Yesterdays Technology
  7. Best Media Player On The Market
  8. At $1,499 The Aldi Medion 17-inch Notebook Is A Steal
  9. Affordable Noise Cancelling Headphones That Work
  10. B&W 600 Speaker Delivers Real Sound





SECTIONS / HOME OFFICE
Company:

Pros:

Cons:

Product Rating:

0 Star Rating: Recommended

Editor Rating 0

User Rating 0

Westfield To Split

By Oonagh Reidy | Wednesday | 04/12/2013

Shopping giant to separate ANZ, international operation

Westfield Group (WDC) today announced a major restructure separating ANZ and international entities.

The shopping centre giant is proposing to merge WDC's Australian/NZ business with Westfield Retail Trust to form a new entity to be known as the Scentre Group. The international business of WDC will be known as Westfield Corporation. 

Scentre Group, generates annual retail sales of $22 billion, will be the largest Real Estate Investment Trust on the ASX, and presents a retail property investment opportunity to investors. 

The new Scentre Group has total assets of $28.5 billion comprising interests in 47 centres including Westfield Sydney and Bondi Junction. The centre's house major retailers including Myer, JB Hi-Fi and Harvey Norman.  

Both Westfield Corp. and the local entity will still have links but will be listed on the ASX separately, have separate boards and management teams, but will maintain the Westfield brand on their centres.

The malls are visited 555 million times every year.  

The changes announced today, aren't finalised and "there's still a lot more work to be done" a source told CN.  

Frank Lowy Chairman of Westfield Group, will be the Chair of both new entities. 

Under the terms of the proposal, WRT security holders will receive $285 and 918 securities in the new Scentre Group for every 1,000 WRT securities held. 

The cash payment will be effected through an $850 million capital return, equivalent to a pro rata buyback of WRT securities at $3.47 per security. 

WDC securityholders will receive 1,000 securities in the new Westfield Corporation and 1,246 securities in Scentre Group for every 1,000 WDC securities held

"Westfield's international business and its Australian/NZ business have both grown in scale and quality to the stage where they can now stand on their own," Lowy said. 

"They can each operate more efficiently, and generate greater growth and value for investors, by being independent. 

"We believe that this new structure will create more value for investors going forward". 

Under the new structure, Scentre Group will be internally managed, and will have significant scope to increase long term returns through its development pipeline and the opportunities to joint venture its wholly owned assets. 

The retail giant is currently developing  projects worth $1.2 billion including Miranda in Sydney and Mt Gravatt in Brisbane, and development pipeline includes $3 billion of future projects, including Warringah in Sydney, Chermside in Brisbane. 

Westfield Corporation has total assets of US$17.6 billion comprising interests in 44 centres in the US/UK/Europe. 

The proposal has the unanimous support of the WDC board and the independent directors of the WRT board. 

Link this review:
Link this page to delicious Link this page to Digg Link this page to Furlit Link this page to News Vine Link this page to Reddit Link this page to Spurl Link this page to Yahoo My Web RSS this section



LATEST REVIEWS
New LG 65   New LG 65" Ultra High Definition TV, Complete With Pop Down Speakers: REVIEW
LG Australia has finally rolled out their 65" Ultra High Definition TV offering in Australia and what you get is a TV that delivers a quantum leap in TV technology and surprisingly a significantly improved sound system that is delivered from pop down speakers but the big question is whether it is worth $6,999.
Product Rating 4.5

Westfield To Split   Westfield To Split
Shopping giant to separate ANZ, international operation
Product Rating 0

REVIEW:Note 3 Is The Best There Is In Phablet Smartphones   REVIEW:Note 3 Is The Best There Is In Phablet Smartphones
If you are one of those people who love technology but struggle to manage the hundreds of apps and the endless capabilities that today's smartphones are capable of delivering then the new Samsung Note 3 is not for you.
Product Rating 5




SMARTHOUSE NEWSLETTER
Get the latest news
Subscribe today for your daily news of consumer electronic news...
Get the latest news

ADVERTISE
SmartHouse
reaches over 2 million consumers a year. Contact us today about special deals..

For more information ...

LATEST ISSUE
Smarthouse's
Apr/May 2011 issue

reviews the hot new iPhone attach device, the Zeppelin Air. And we look at what's going on in the tablet space...





Reviewed by Oonagh Reidy Rating: 0