Westfield Corporation announced its operational results for the 3 months ended 31 March 2018: –
- Specialty sales of $748 psf, up 7.1% for the quarter;
- Specialty sales in the Flagship portfolio of $926 psf, up 5.7% for the quarter with the Regional portfolio at $462 psf, up 7.3%;
- The portfolio was 92.5% leased at 31 March 2018 with the Flagship portfolio 94.5% leased; and
- Average Specialty rent was $97.27 psf at 31 March 2018, up 5.5% on the previous year.
In March 2018 Westfield successfully launched the first stage of the £600m expansion at Westfield London, including a new John Lewis department store. Early trading at Westfield London is positive with strong trading momentum continuing at our recently completed projects at Century City and UTC.
The proposal to combine Westfield and Unibail-Rodamco continues to progress. The combination will create a $74bn portfolio including 102 retail assets, of which $56bn or 85% are flagship.
The combined portfolio will operate leading assets in New York, Los Angeles, Silicon Valley and the Washington DC area and in London, Paris, Madrid, Barcelona, Stockholm, Vienna and Milan. It will have strong growth prospects with a $15.6bn development program.
The proposal has the full support of the Lowy Family and the Westfield Board.
The Extraordinary General Meeting to consider the proposal is scheduled for 24 May 2018.
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