Latest investment
Apr 21 2015
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HQ address
85 Castlereagh Street, Sydney, AUS
Westfield Corporation is a shopping centre company with retail destinations in England and the United States. It was created in June 2014 when Westfield Group separated its Australian and New Zealand businesses from its international operations.The corporation undertakes ownership, development, design, construction, funds/asset management, property management, leasing, and marketing activities for its centres. It is listed on the Australian Stock Exchange and has a shopping centre portfolio that includes investment interests in 40 shopping centres across the United States and Europe, encompassing around 7,500 retail outlets and total assets under management in excess of $28.5 billion. It also operates Westfield Labs, a technology and design arm based inside the Westfield San Francisco Centre.HistoryThe Westfield Corporation has origins in the western suburbs of Sydney. The first development was named "Westfield Place", and opened in July 1959 in Blacktown. The name Westfield is derived from "west" related to the West-Sydney location, and "field" due to having been located on subdivided farmland. The centre was opened by John Saunders and Frank Lowy.The company was floated on the Australian Stock Exchange in 1960 and built another five centres in New South Wales before expanding into Victoria and Queensland in 1966-67.The expansion into the United States began with the purchase of the Trumbull Shopping Park in Connecticut in 1977, and was followed by three centers in California, Michigan, and Connecticut in 1980 and three centers in California, New Jersey, and Long Island, New York in 1986. In 1994, Westfield joined together with General Growth and Whitehall Real Estate to purchase 19 centers for US$1 billion. The company built considerable holdings on the east coast and in California before expanding in the Mid-West. By 2005, the company owned centrers in 15 US states.

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