WDC westfield group
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News: Westfield launches retail property trust

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    10/12/10
    10:44
    Post #: 7594228
    .

    Westfield Group Ltd (ASX:WDC) has created the Westfield Retail Trust which is a 50 per cent joint-venture partner with Westfield in the company's 52 Australian and New Zealand shopping centres.

    It took Westfield's executive chairman Frank Lowy just 30 minutes to form the $12 billion retail property trust yesterday after receiving an overwhelming 97 per cent approval vote from shareholders.

    The new retail trust will enable Westfield to operate the way it did before it merged its businesses in 2004.

    For the year ended 30 June 2010, Westfield Group generated a net profit of $965.8 million.
    WDC Price at posting: $9.82 Sentiment: None Disclosure: Held
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