Westfield plots UK expansion
6 August, 2012
Shopping centre giant Westfield is to embark on a £3bn expansion in the UK—potentially opening up fresh opportunities for the restaurant operators who have been at the heart of its success.
Westfield group chief executive Steven Lowy told The Australian newspaper that it would expand its Shepherds Bush centre while upgrading the Broadway in Bradford. He said: “They are big numbers, headline numbers, but we have already invested almost £4bn in two major shopping centres in London over the past years. We have plans for further investment in those assets and for other expansion.”
Some of the money for the expansion will come from the disposal of other, smaller assets in the UK. Lowy was bullish about prospects for the UK in general. “While the UK is still in recession and has been deeply impacted by the global financial crisis in Europe, London in particular has been shown to be a very resilient city… we believe in London for the long term.”
The business has been benefiting from high Olympic-driven traffic through its Stratford site over the last few weeks. As Peach Report has reported, Westfield is also looking to gain a foothold in south London via the Whitgift centre in Croydon.
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