The Lowy family has sold its entire $664m stake in Westfield Retail Trust – the Australia-focused property trust that was spun out of from Westfield Group in 2010. The sale was motivated by the Lowy’s desire to further diversify the family’s assets. Fair enough; it already owns a $2bn stake in Westfield Group, so the diversification argument has some merit.
Still, the sale now, at a 10% discount to book value, is revealing. If the Lowys thought Westfield Retail was a screaming bargain they’d no doubt have forgone the benefits of diversification a little while longer.