Westfield Group divides operations; creates new REIT called Scentre Group

Westfield Group plans to merge its Australian and New Zealand operations with the Westfield Retail Trust, thus creating Scentre Group, the largest REIT on the Australian Securities Exchange with $25.69 billion in total assets. It also will create a new international group called Westfield Corp. that will hold 44 centers in the U.S., U.K. and the rest of Europe. Westfield says the new structure will allow each company to operate more efficiently and drive growth. "The proposal provides investors with a clear choice as to what they invest in, both in terms of geographic and currency exposure," founder Frank Lowy said.

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