Westfield inks $1.5M London development deal

Company News

Westfield Group (ASX:WDC) has acquired a 50 per cent stake in a retail centre in London after inking a deal to redevelop the centre with UK rival Hammerson. 
 
Under the joint venture Westfield and Hammerson will redevelop and combine two main shopping centres in Croydon into a larger asset as part of a $1.5 billion project.
 
Westfield says both companies will meet with stakeholders within weeks to discuss plans and construction is expected to start in 2015. 
 
Mayor of London Boris Johnson says the project will drive forward a vital regeneration and put Croydon at the heart of London’s future prosperity in one of the capital’s most important town centres. 
 
Westfield Group boosted its net profit by 31 per cent to $842 million in the first half of the 2012 financial year. 

Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?