Westfield buys three Australian shopping centres
Westfield has agreed to buy three of General Property Trust’s shopping centres in Australia for a total of Aus$842.4m (£350.4m).
Managing director Steven Lowy said: “On completion, this transaction will provide the Westfield Group with additional high-quality shopping centres, with good growth prospects.”
The GPT transaction involves the acquisition of:
- A 50% stake in the 740,557 sq ft Penrith Plaza, in Sydney, for Aus$425.4m (£177m), including payment for development costs in connection with the centre’s current expansion
- A 50% stake in the 689,000 sq ft Woden Plaza, Canberra, for Aus$262m (£109m)
- A 25% stake in the 667,360 sq ft Sunshine Plaza, Maroochydore, Queensland, for Aus$155m (£64.5m)
Following the acquisition, Westfield will manage the Penrith Plaza and Woden Plaza properties.
References: EGi News 17/02/05
Westfield has agreed to buy three of General Property Trust’s shopping centres in Australia for a total of Aus$842.4m (£350.4m).
Managing director Steven Lowy said: “On completion, this transaction will provide the Westfield Group with additional high-quality shopping centres, with good growth prospects.”
The GPT transaction involves the acquisition of:
A 50% stake in the 740,557 sq ft Penrith Plaza, in Sydney, for Aus$425.4m (£177m), including payment for development costs in connection with the centre’s current expansion
A 50% stake in the 689,000 sq ft Woden Plaza, Canberra, for Aus$262m (£109m)
A 25% stake in the 667,360 sq ft Sunshine Plaza, Maroochydore, Queensland, for Aus$155m (£64.5m)
Following the acquisition, Westfield will manage the Penrith Plaza and Woden Plaza properties.
References: EGi News 17/02/05
