WESTFIELD UTC LAUNCHES $180 MILLION REVITALIZATON
8 September 2011
UTC To Transform Into Resort-Inspired Destination with
New Dining, Shopping and Entertainment
SAN DIEGO, Calif. – Westfield today announced plans to begin a $180 million revitalization of Westfield UTC. Launching this Fall and planned for completion by December 2012, the program includes the addition of a sophisticated new dining terrace, new shops, full service restaurants and fresh entertainment choices including San Diego’s first ArcLight Cinemas, a 14-screen, 1,800-seat luxury theater experience. The Phase One revitalization is designed to meet LEED Gold certification standards for environmental sustainability.
“This is not simply a refresh of Westfield UTC, but a transformation and renewal,” said Catharine Dickey, Westfield’s Executive Vice President of Corporate Communications. “San Diego residents and visitors alike will be delighted with the new dining, shopping and entertainment choices including ArcLight Cinemas, an expanded 24 Hour Fitness Super Sport Club and Tender Greens, to name just a few.”
One of the most anticipated additions to Westfield UTC is ArcLight Cinemas, the ultimate movie-going experience where film lovers can rediscover the joy of going to the movies. Committed to eliminating the barriers that prevent viewers from enjoying a truly memorable viewing experience, ArcLight will be the only theater in San Diego to operate with no commercials, all-reserved seating and no late seating after a movie has begun. Amenities include “black box” auditoriums, extra-wide seats with double armrests, stadium seating, digital projection and full service concession areas featuring ArcLight’s signature caramel corn.
The introduction of ArcLight is just one of many exciting new elements and energy for UTC. The revitalization also includes transforming the food court into a casual but elegant, climate-controlled dining terrace that will welcome shoppers and visitors with many new choices in cuisine and feature all new finishes, furnishings and restrooms.
The entire look and feel of UTC will be updated with new exterior flooring, soft seating, lighting and landscaping. Plans also call for new full-service restaurants, updating more than 70 existing store facades, the addition of a new play area, family lounge and total renovation of Palm Plaza into a retail-resort experience centerpiece. The project is expected to create 2,400 new jobs including 1,000 construction jobs, with an estimated overall economic impact of more than $175 million.
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About Westfield UTC:
Westfield UTC is San Diego’s iconic, open-air shopping and entertainment destination with premier shopping, dining, fitness and entertainment. Anchored by Nordstrom, Macy’s and Sears, Westfield UTC delivers the quintessential San Diego experience through gold standard customer service and amenities, luxury brands, a family-friendly experience, along with signature events and entertainment. Shoppers can browse premier brands including Anthropologie, Eileen Fisher, Bare Escentuals, Ann Taylor, Coach, Apple, Tumi, Crate & Barrel, Restoration Hardware and Williams-Sonoma or simply unwind under the coral trees and relaxing sunshine at Westfield UTC, where the southern California lifestyle is at its best. Westfield UTC is a joint venture between Westfield and institutional investors advised by JPMorgan Asset Management – Global Real Assets. Shopping Hours: Monday – Friday 10am-9pm, Saturday 10am-8pm, and Sunday 11am-7pm. Westfield Concierge: 858.546.8858. www.westfield.com/utc.
About The Westfield Group:
The Westfield Group (ASX: WDC), is an Australian-based company with interests in 124 shopping centers in Australia, Brazil, New Zealand, the United Kingdom and the United States. In the U.S., the Group has a portfolio of 55 shopping centers that are home to more than 9,000 specialty stores and comprise approximately 63 million square feet of leasable space in California, Connecticut, Florida, Illinois, Indiana, Maryland Nebraska, New Jersey, New York, North Carolina, Ohio and Washington. Westfield UTC is a joint venture between Westfield and institutional investors advised by JPMorgan Asset Management – Global Real Assets.
About J.P. Morgan Asset Management – Global Real Assets:
J.P. Morgan Asset Management – Global Real Assets has approximately $54.9 billion in assets under management and 392 professionals in the U.S., Europe and Asia, as of June 30, 2011. With a 40-plus-year history of successful investing, J.P. Morgan Asset Management – Global Real Assets’ broad capabilities provide many of the world’s most sophisticated investors with a global platform of real estate, infrastructure, maritime/transport and energy strategies driven by local investment talent with disciplined investment processes consistently implemented across asset types and regions.
The Westfield Group (ASX: WDC) is an internally managed, vertically integrated shopping centre group undertaking ownership, development, design, construction, funds/asset management, property management, leasing and marketing activities and employing in excess of 4,000 staff worldwide. The Group has interests in and operates one of the world’s largest shopping center portfolios with investment interests in 124 shopping centres in Australia, the United States, the United Kingdom, New Zealand and Brazil, encompassing approximately 25,000 retail outlets and total assets under management in excess of A$59 billion.
This release may contain forward-looking statements, including statements regarding future earnings and distributions. These forward-looking statements are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements contained this release. You should not place undue reliance on these forward-looking statements. These forward-looking statements are based on information available to us as of the date of this presentation. Except as required by law or regulation (including the ASX Listing Rules) we undertake no obligation to update these forward-looking statements.