Westfield reports 3,9% increase in income
Westfield Corporation, the shopping mall owner, has announced its results for its UK and US operations for the financial year ended December 31, 2015.
Net property income was $861.4m for the year ended 31 December 2015, and the group’s portfolio achieved comparable net operating income growth of 3.9% for the year. Management and project income was $168m for the year.
During the period, Westfield Group completed the $250m development at The Village at Topanga in Los Angeles and the £260m Bradford development in the United Kingdom, on behalf of a third party. It currently has projects worth £3.7bn in progress. These include the £1.4bn Westfield World Trade Center (New York) and the £600m expansion of the Westfield London shopping centre.
Westfield has already begun the Westfield London expansion, which is set to be anchored by a John Lewis store. The centre will expand to 2.6m sqft. with around 450 stores, making it Europe’s largest shopping centre when it’s finished in 2018. Westfield said predevelopment activity also progresses at Croydon in South London, with work expected to commence between 2017 and 2018.
“The Group is well on the way in executing its strategy to create and operate Flagship assets in leading markets that deliver great experiences for retailers and consumers. The Group is focused on innovation and creating a digital platform to converge with the physical portfolio in order to connect retailers and consumers both physically and digitally,” the Westfield Group stated.