Westfield Trust are expected to spend more more than $570 million for shopping centre stakes in Adelaide and Canberra this week. Westfield has entered into due diligence to buy to remaining half shares in three CPF shopping centres.
Adelaide’s Marion centre, which CPF jointly owns with Westfield, is one of three major centres to be sold along with Adelaide’s under-performing Westfield Arndale shopping centre at Kilkenny and a Westfield shopping town at Belconnen in Canberra.
Westfield controls 50% of all three centres and beat off some of its major trust rivals to gain full control of the centres.
Westfield Trust has spent almost $2 billion so far this year in aggressive take-overs of AMP Shopping Centre Trust and the purchase of Sydney Central Plaza.
Major shopping centres have become one of Australia’s hottest property commodities in recent times with last month CFS Gandel Retail Trust and CBA paying around $470 million for Sydney’s lucrative Chatswood Chase Shopping Centre on yield of around 5%.
Jones Lang LaSalle were the marketing agents on the major shopping centre sale.
