Westfield Group

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...

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.

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