Shopping centre specialist Westfield Holdings plans to combine with its US and Australian trusts to create what it claims will be the world’s largest listed property trust with a market value of more than A$22bn (£9.084bn).
Under the proposal, Westfield Holdings investors will get one security in the enlarged Westfield Group for each share they own.
Westfield Trust investors will get 0.28 securities for each share and Westfield
America holders will get 0.15 securities per share.
The new company will have interests in 123 shopping centres in the US, Australia, New Zealand and the UK worth A$34bn (£14.04bn).
Westfield Holdings currently manages the centres, Westfield America owns the US centres and Westfield Trust holds the Australian and New Zealand properties.
The proposed combination follows two years of acquisitions with Westfield spending about A$3bn (£1.24bn) in 2002 buying malls in the U.S. and a further A$2.3bn (£950m) last year expanding in Australia.
References: EGi News 22/04/04
