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UK sales rise as Westfield beats gloom
27.08.08
Shopping centres giant Westfield says sales in its UK developments rose 3.2% in the first half despite the gloomy economic conditions.
It said only shops in its centres in the US recorded lower sales, down 0.2% against a 5.6% rise in Australia. Net profits fell 35% to A$1.29 billion (£600 million) as US property values slumped.
The Aussie firm refused to comment on its investment in Liberty International, Britain's largest shopping-centres owner, or its relationship with Simon Property Group. Westfield has acquired about 3% of Liberty since June. Simon has raised its voting rights in Liberty to 4.22%.
Westfield has A$6.7 billion of projects planned or under construction, including the Stratford development in east London and White City mall.
Its shopping centres include Royal Victoria Place in Tunbridge Wells, The Friary in Guildford and Broadmarsh in Nottingham.
