Australian shopping centre giant Westfield Corp. on Wednesday reported a 5.3 percent increase in first-half operating income and said it was progressing with an US$11.6 billion investment in global projects.
The firm, which assumed Westfield Group’s international operations after its Australian and New Zealand assets were folded into a new entity this year, said the results for the six months to June 30 were “in line with expectations”.
“The operating performance of our pre-eminent portfolio of 40 shopping centres in the United States and United Kingdom remains strong, and in line with expectations,” Westfield’s co-chief executives Peter and Steven Lowy said in a statement.
“Significant progress (was) made on the US$11.6 billion pipeline of current and future developments.”
Westfield Group, one of the world’s largest shopping centre operators, split its empire in July.
Its Australian and New Zealand businesses, including 47 malls, merged with Westfield Retail Trust to form a new entity named Scentre.
Scentre on Tuesday reported property net operating income growth in its Australian and New Zealand portfolio of 2.3 percent for the half-year to June 30.
Westfield Corporation has interests in 44 shopping centres in the United States, Britain and Europe, with assets under management of US$27.7 billion.
Among its development pipeline, it said “good progress” had been made on its US$1.4 billion World Trade Centre project in New York which is now 70 percent leased and is expected to open late next year.
The firm also increased its share of its 1.4 billion euro (US$1.84 billion) Milan development from 50 percent to 75 percent, with Galeries Lafayette acting as the anchor tenant.
“Our strategy is to continue the focus on creating and operating iconic assets in major markets that deliver great experiences for consumers and retailers,” the statement said.