Westfield Retail Trust
(ASX:WRT) will spend $435 million on redeveloping Westfield Miranda.
The project will increase the size of the centre by about 19,000 square meters and will include a new Woolworths, an upgraded Big W and a refurbished Myer. It will also include a new dining and leisure precinct including cinemas.
Westfield says the shopping centre in Miranda is one of its strongest performers in Australia on a total sales basis.
Westfield Miranda is jointly owned by the trust, Dexus Property Fund, and Westfield Group.
The project is expected to be completed by the end of 2014, with the new cinemas to open in mid 2015.
Westfield Retail Trust generated a net profit of $830.8 million for its 2012 financial year.
