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Westfield Shopping Center New Zealand |
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The Westfield Group is
the largest retail property group in the world by
equity market capitalisation and the sixth largest
entity listed on the Australian Stock Exchange.
Operating on a global platform, the Westfield Group
is an internally managed, vertically integrated
shopping centre group, undertaking ownership,
development, design, construction, funds and asset
management, property management, leasing and
marketing employing in excess of 4,400 staff
worldwide.
The Westfield Group has interests in an investment
portfolio of 121 shopping centres valued in excess
of A$57.5 billion (US$44.2 billion) located in
Australia, the United States, New Zealand and the
United Kingdom. These shopping centre portfolios
have strong positions in their local markets with
geographic, retail and economic diversity providing
a strong and consistent income stream. The centres
are located in prime trade areas, anchored by long
term tenancies with major retailers and incorporate
a wide cross section of high quality specialty
retailers and national chain store operators.
Property management, marketing and leasing
activities
Shopping centre management involves leasing and the
day-to-day management and marketing of the centres.
The Westfield Group's approach is to maximise
returns by creating an efficient and dynamic
environment for retailers and a quality shopping
experience for consumers. This involves developing a
strong relationship and working closely with
retailers to provide an appropriate platform so that
retailers will have the opportunity to enhance their
performance. This is in addition to developing a
strong relationship with consumers by supporting the
local community of each shopping centre through
various marketing activities.
Property development, design and construction
activities
The Westfield Group's property development
activities are vertically integrated and involve all
of the elements of development, design, construction
and leasing with a view to maximising returns on
investment from both increased rental income and
capital appreciation of the asset.
Westfield has extensive experience and a solid track
record of completing projects on time and within
budget. Much of the traditional risk associated with
property development is mitigated by having lease
agreements in place with anchor tenants before
commencing construction. In addition, the risks
associated with any individual development project
are diversified by virtue of the number of projects
underway globally at any point in time.
Funds/Asset management activities
The Westfield Group is also involved in the
management of assets on behalf of institutional and
other investors. This investment is undertaken
either on a joint venture basis on specific
properties with partners such as Deutsche Asset
Management, AMP Capital Investors, the Perron Group,
Australian Prime Property Fund (APPF), Prudential
Plc, JP Morgan Real Estate Investment Management,
Forest City Enterprises, Morgan Stanley Real Estate
Management, and The John Buck Company, or as an
investor in other forms of property owning vehicles
such as the limited partnership arrangements in
place in the United Kingdom with the Possfund and BT
Pension Scheme which are managed by the Hermes
Group.
The Westfield Group is also the Responsible Entity
of Carindale Property Trust which is a single centre
property trust listed separately on the ASX.
Carindale Property Trust's sole investment is a 50%
interest in Westfield Carindale, Brisbane's largest
regional shopping centre. |
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