Westfield Corporation, the spin-off company that owns and runs Westfield London and Westfield Stratford City, has recorded a full-year profit of $2.3bn (£1.6bn) in the 12 months ending 31 December 2015.
This is the company’s first full-year result since the demerger in 2014 that allowed Westfield to focus on its US and UK assets separately, while Australia and New Zealand are owned by Scentre.
Westfield has $29bn of assets under management and in its project pipeline, and commenced on £2.5bn of projects in the pipeline in 2015, including its new scheme in the redevelopment of the World Trade Centre in New York, and its expansion of Westfield London.
Predevelopment work has progressed at the Whitgift Centre in Croydon, with a projected commencement date of 2017-18. Hammerson and Westfield formed a jv in 2013 to develop the centre.
The jv’s plans to turn the centre into a £1bn shopping centre have been beset by delays, but secretary of state Greg Clark approved a CPO for the site in September last year, and the project’s projected commencement date is now 2017-18.
Westfield Corporation co-chief executive officers Peter Lowy and Steven Lowy said: “The performance of our portfolio remains strong and we continue to make significant progress on our development programme.”
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