Westfield plans $1bil in projects

12th May 2010

Shopping centre giant Westfield Group has reconfirmed its 2010 guidance and expects to start about $1 billion worth of development projects in 2010 after an improvement in global markets. In its first quarter update, the company says it is experiencing strong results from the Australian and New Zealand portfolios, notwithstanding the expected softening sales growth for the quarter. The two countries had nearly full occupancy at 99.5%. Joint group managing director Steven Lowy says retail sales and occupancy had also improved in the United States and the United Kingdom after a reduction in bankruptcy store closures. Of the $1 billion, about $800 million of the new projects will be in Australia.