Tonight:
4°c
Westfield sees earnings up 5.5%
Bill Condie12 Nov 2008
Shopping centres operator Westfield said today it expects earnings to grow 5.5% this year despite weakening retail sales.
The group said occupancy in the UK, where it has just opened the upmarket Westfield London centre in White City, was 99%.
The latest report said Westfield had maintained occupancy levels across all markets and there was continued demand from retailers for space, despite a weaker sales environment.
Despite softening in retail conditions globally, overall occupancy was at 97.3%.Westfield opened its White City centre, London's largest, last month. The 265-store, £1.7 billion centre has tenants like Marks & Spencer and House of Fraser and luxury retailers Tiffany & Co and Louis Vuitton,
At the opening last month, Westfied managing director Steven Lowy said it was a difficult cycle. But he pointed out that the building is almost fully let.
