Australian shopping centre giant Westfield is eyeing troubled US-based REIT Mills Corporation.
Chairman Frank Lowy said at the AGM this week that Westfield was monitoring the real estate investment trust. “We are looking at that company, but many other companies are looking at it also,” he said.
Mills started exploring the sale of all or part of the business in February after it was forced to abandon 10 development plans, incurring $71m (£40m) in costs.
The acquisition of Mills would give Westfield its long-awaited entrance into continental Europe, as Mills owns the Xanadu centre in Madrid and the Mercati Generali in Rome. Lowy said: “We have not been able to spend much time [on Europe] because the UK is quite encompassing.”
