Westfield remains committed to Italian project despite crisis

International shopping centre group Westfield remains committed to its EUR 1 bn mega mall project in Milan despite the eurozone financial crisis.

'We are monitoring the economic situation in Italy and the wider eurozone, however we remain confident in the Milan market, our proposals, and the long-term future of this development,' Michael Gutman, managing director Westfield UK/Europe & New Markets, told PropertyEU.

Sydney-listed Westfield announced last summer that it was planning to expand into Continental Europe by taking a 50% stake in a EUR 1-1.25 bn development in Milan. The 60-hectare site, adjacent to Milan’s Linate airport, will be developed in a joint venture with Gruppo Stilo, an Italian-based developer and owner of major retail brands, controlled by its founder Antonio Percassi.

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