News: Westfield spin off disappoints

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Westfield Group’s (ASX:WDC) spin off Westfield Retail Trust (ASX:WRT) has been a “massive disappointment” according to analyst John Kim, as reported by The Australian.



Mr Kim, a property analyst with brokering firm CLSA said the Retail Trust transaction had damaged shareholder confidence.



According to Bloomberg data, WRT stock hasn’t moved above its initial public offering price.



Mr Kim said Westfield should have instead taken advantage of its successful record of forming joint ventures and selling the assets at or above book value.

Westfield Group reported a half yearly net profit of $660 million to June 30, 2011.