Westfield deal generates $69.5m in banker fees

J.P. Morgan, Rothschild, Citigroup, Credit Suisse, UBS and Morgan Stanley are among a host of investment banks to receive millions in fees.

Advising Westfield is proving to be very profitable for a host of investment banks and other financial advisers.

Within a 418-page document, Westfield says it will pay $69.5 million in fees to the investment banks advising it on an internationally focused Westfield Corp and on the merger of its Australia and New Zealand operations to create the new company Sentre.

J.P. Morgan, Rothschild, Citigroup, Credit Suisse, Deutsche Bank and Merrill Lynch will be paid $47.5m in fees associated with its advice and financing to the Westfield Group.

UBS and Morgan Stanley will be paid $22m for financial advisory services rendered to Westfield Retail Trust.

Ernst & Young will earn $2.8m in fees and charges for audit related services rendered to Westfield Group and Westfield Retail Trust.

Grant Samuel will be paid approximately $1.25m in fees and charges for preparation of the independent expert’s report to Westfield Group.

(Reporting by Brett.Cole@businessspectator.com.au)

(Editing by Miranda.Maxwell@businessspectator.com.au)

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