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May 24, 2017

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Australia's Westfield plans to spend extra US$4.71 bil. on UK expansion

SYDNEY--Australian shopping center giant Westfield is to spend an extra 3.0 billion pounds (US$4.71 billion) expanding in Britain, a report said Monday, as it banks on London's resilience to an economic downturn.

Steven Lowy, the group's co-chief executive, told The Australian newspaper the investment was set to be directed towards upgrading the Broadway center in Bradford and expanding its Westfield London center in Shepherds Bush.

Westfield, one of the world's biggest shopping center operators, could also redevelop a shopping center south of London, it said.

"They are big numbers, headline numbers, but we have already invested almost 4.0 billion pounds sterling in two major shopping centers in London over the past few years," Lowy told the newspaper.

"We have plans for further investment in those assets and for other expansion."

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