Westfield Trust secures 50% of Suncorp Property Trust

21 December 1999

Countries: Australia

Westfield Trust today announced that it had subscribed for 35million units in Suncorp Property Trust (SNP), for a totalconsideration of $92.05 million, giving it an entitlement to 50 percent of the trust.

This subscription follows Westfield Trust’s announcement in Octoberthis year that it had reached agreement to subscribe for units in SNPsubject to SNP unitholders’ approval, which was obtained lastweek.

Suncorp Property Trust, which will change its name to CarindaleProperty Trust, owns 50 per cent of Brisbane’s Carindale ShoppingCentre. The Westfield Group was appointed manager of CarindaleShopping Centre in October this year.