Westfield Group, the world’s biggest shopping mall operator by assets, is seeking joint-venture partners for developments and expansion in Brazil and Asia, Bloomberg reported on Wednesday. It is also considering a number of locations in European cities, Peter Lowy, co-chief executive officer of Westfield, told the newswire.
Westfield Group, the world’s biggest shopping mall operator by assets, is seeking joint-venture partners for developments and expansion in Brazil and Asia, Bloomberg reported on Wednesday. It is also considering a number of locations in European cities, Peter Lowy, co-chief executive officer of Westfield, told the newswire.
'You could see us just have the mall in Milan, or a mall in Paris or in Germany. Just one mall, a site-specific strategy, not a country strategy.'
Westfield is looking at using its venture in Brazil, where it owns 50% of mall operator Almeida Junior Shopping Centers SA, to expand further in the country, Lowy said. The Sydney-listed company is also considering moving into Asia, he added, but failed to provide further details.
In 2010 Westfield shifted its focus to higher-return activities including development after spinning off the domestically-focused Westfield Retail Trust. Peter and Steven Lowy, who took over the helm of the company from their father Frank in May 2011, have since announced moves into New York city, Brazil and Milan, in partnership with local companies and started joint ventures with groups including Dutch pension fund giant APG and the Canada Pension Plan Investment Board.
On Wednesday, Westfield reported net income jumped 31% in the six months ended June 30 after a 69% surge in project income helped boost first-half earnings. Net income rose to A$800.1 mln (EUR 679 mln) in the six months ended June 30, from A$608.7 mln a year earlier, while funds from operations rose to A$751.2 mln.
