Westfield restructure approved

The Westfield empire is about to morph for the third time in a decade after 76% of Westfield Retail Trust’s shareholders approved the deal to merge the company’s portfolio of Australasian shopping centres with Westfield Group's interest and assume management control (see Westfield deal is still unfair from 21 May 14 (Sell – $3.21)). Once the NSW Supreme Court approves the deal the merged Australian operations should begin trading on 25 June as Scentre Group, while Westfield Group will be renamed Westfield Corporation and focus on developing and managing its properties in the US, UK and Europe.  

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