Westfield sells half of Stratford City for £871.5m
Published: 22 November, 2010
Dutch and Canadian institutions both take 25 per cent stakes in East London megamall
Westfield is to raise £871.5m by selling half of its 2 million-sq ft Stratford City project a year before completion. The Dutch pension fund manager APG and Canada Pension Plan Investment Board will each own a 25% indirect interest in the retail element of Westfield Stratford City.
Westfield Stratford City, which is located adjacent to the site of the 2012 London Olympics, is a 1.9 million-sq ft retail and entertainment destination, due for completion in the third quarter of 2011. Today, approximately 75 per cent of the retail area is either leased or committed. The centre will be anchored by John Lewis, Marks & Spencer, Waitrose and an all-digital Vue cinema and will include over 300 shops and 50 places to dine.
Westfield will continue to wholly own the adjacent non-retail development sites - primarily zoned for office and hotel uses.
“On completion, Stratford City will be a landmark world class shopping centre, joining our iconic centres such as Westfield London and Sydney,” Westfield group managing director Steven Lowy said. “Today’s announcement continues our strategy of creating value through the introduction of joint venture partners into our assets globally, at the appropriate time. Importantly, this transaction delivers, a year ahead of opening, the value and profit we have created through the development of Stratford City.
Henderson Global Investors is the investment management advisor to APG and CPPIB.
