Westfield, Commerz Real kick off €765m London mall extension

Landlords Commerz Real's hausInvest open-ended fund and Sydney-listed Westfield have announced the official start of construction work for the £600 mln (€765 mln) extension to the Westfield London shopping mall.

The anchor retailer for the new section will be Great Britain’s multi-channel retailer John Lewis, which will open a department store on 23,000 m2.

In addition, some 70 retail stores and restaurants will be added to the centre, increasing the complex by 70,000 m2 to a total of 250,000 m2 - the largest retail centre in Europe. hausInvest and Westfield will each contribute 50% of the required funds for the project, which is expected to be completed by 2018.

'Since its opening in 2008 Westfield London has displayed an outstanding performance. We are pleased to have the opportunity to write a further chapter in this success story together with Westfield,' said Roland Holschuh, the board member at Commerz Real responsible for real estate asset management.

The extension is forecast to increase annual visitor numbers from 28 million visitors at present to as many as 35 million. Upon completion, the complex will house a total of 450 stores and 5,500 car parking spaces.