Westfield Trust and Deutsche Asset Management buy Westfield Mt Druitt

18 October 2001

Countries: Australia

Westfield Trust and Deutsche Asset Management (Australia)Limited (on behalf of SAS Trustee Corporation) today announced thatthey had purchased Westfield Mount Druitt from BT Property Trustfor $236 million (inclusive of costs).

Westfield Trust and SAS Trustee Corporation will each own 50 percent of the centre, which has been managed by Westfield Holdingssince 1993.

Westfield Director Funds Management Victor Hoog Antink said:”The purchase of Westfield Mount Druitt is a positive step forWestfield Trust unitholders as it is a good centre, well known tothe group, and will be accretive to income distributions for theTrust.

“This acquisition further builds on the strong relationship wehave with Deutsche and SAS through our joint ownership of WestfieldHurstville since 1988.”

Deutsche Asset Management Fund Manager Mark Turner, who acts forSAS Trustee Corporation, said: “We are pleased to be able toacquire this 50 per cent interest in a regional shopping centrebecause such opportunities are increasingly rare.

“We are also delighted that Westfield Holdings will manage thisproperty in order to maximise rental and asset value growth.”

Westfield Mount Druitt became available for puchase followingthe merger of BT Property Trust with BT Office Trust.

Westfield Mount Druitt is located 43 kilometres west of Sydneyand has 67,900 square metres of retail space. It features GraceBros, Coles, Kmart, Woolworths, Franklins Big Fresh, Best &Less, a Hoyts 8-cinema complex and about 177 specialty shops andwith an annual retail turnover of $250 million.