Westfield to control 100% of Stratford City, major East London regeneration project
13 June 2006
Countries: United Kingdom
The Westfield Group (WDC:ASX) today announced it had acquired from its co-owners, the 75% interest in the Stratford City development in east London which it did not already own. The interest was acquired for approximately 140 million.
Westfield has reached binding agreements with companies associated with David and Simon Reuben and Multiplex Group to acquire their combined 50% interest, and with Stanhope Limited to acquire its 25% interest.
Westfield Group acquired its initial 25% interest in Stratford City Developments Limited as part of the Duelguide/Chelsfield acquisition in December 2004.
Stratford City is adjacent to the site for the 2012 London Olympic Games. Much of the Olympic Village will be developed on part of the Stratford City site and will then be available for residential occupation.
The site has planning approval for 13 million square feet of mixed use development, including 2 million square feet of retail.
Westfield said it was pleased that the satisfactory resolution of the shareholding arrangements for the Stratford project would allow it to make a positive contribution to the timely delivery of an important element of the Olympic site, and carry forward the important regeneration of Stratford City.
Westfield acknowledged the difficult decision that was required from its fellow shareholders in Stratford City to exit the project for the good of the scheme and the London 2012 Olympics.
Westfield said it looked forward to working closely with the relevant authorities, including the Olympic Delivery Authority, LCR, the GLA and the London Borough of Newham to develop a high quality super regional shopping centre and to participate in the other mixed use components on the site.
Notes for editors
The Westfield Group is a global retail property company which specialises in the management, leasing, development, design, construction and funding of shopping centres. Westfieldhas approximately A$53 billion of assets under management in a portfolio of 128 shopping centres across Australia, New Zealand, the United States and the United Kingdom, with more than 22,500 retailers and approximately 10.6 million sq metres of retail space.
In the UK Westfield has been operating since 2000 and is now involved with 10 schemes across the UK at Belfast, Lisburn, Bradford, Derby, Nottingham, West Midlands, Stratford / East London, White City / West London, Guildford, Tunbridge Wells.
The Group has projects under construction at Derby and White City on major town centre retail regeneration projects together with 50/50 joint venture partners Hermes and CGI respectively.