Westfield muses centre split

Shopping centre giant Westfield has confirmed it could be on track to relinquish some of its shopping centres to financial services group AMP.

The announcement from Westfield follows recent media reports which suggested Westfield and AMP had agreed to divide up their shopping centre portfolio, with at least six centres to be swapped between them.

AMP Capital Investors would take over the stakes it did not own in three shopping centres, while Westfield would do the same with another three.

Westfield has since responded to the media speculation concerning the possible transaction between Westfield Group, various AMP entities and other parties.

The company confirmed that it is in confidential negotiations with the AMP and various other parties (including Westfield Retail Trust), in relation to the proposed asset reallocation within the existing portfolio of assets in which AMP (including AMP managed funds), Westfield Group and Westfield Retail Trust have common interests.

Westfield added that negotiations are continuing, but no binding arrangements have been entered into at this stage.

Reports initially suggested the two companies are keen to break up their shopping centre assets amid a clash over the style of management and development of the centres.

 

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