Westfield Group
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Westfield Group has ended its short foray into Brazil, selling its 50% share in five shopping centres to local partners Almeida Junior at around book value of R$0.7bn. Westfield co-chief executive Steven Lowy admitted ‘the partnership was not conducive to the achievement of the group’s long-term objectives in Brazil’, which is corporate-speak for the relationship broke down.
The sale will have little impact on Westfield’s earnings and distributions as these assets represented less than 1% of the group’s total assets. The sale proceeds will be put towards Westfield’s multitude of development projects such as its new centre at the World Trade Centre or the $400m redevelopment of Mt Gravatt in Brisbane.
Westfield’s security price has risen 7% since 27 Mar 13 (Hold – $10.86) and remains a HOLD. Note, we've increased the portfolio limit to 8% to reflect the change to maximum portfolio limits.
Note: The model Growth and Income portfolios own shares in Westfield Group.
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