14 April 2014

The Westfield Group (ASX:WDC) today released its Securityholder Booklet for the proposal to form Westfield Corporation for its international business and merge its Australia/New Zealand business with Westfield Retail Trust (ASX: WRT) to form Scentre Group.

The Booklet includes an Independent Expert’s report from Grant Samuel & Associates, which finds the proposal to be fair and reasonable, and therefore in the best interests of WDC securityholders, in the absence of a superior proposal.

Westfield Group Chairman, Mr Frank Lowy AC said: “I believe this restructure proposal, creating two leading and independent groups, will generate greater long-term growth and value for both WDC and WRT investors.”

One of the analyses considered by Grant Samuel & Associates in its report was the relative contribution by WDC securityholders to the formation of Scentre Group, on a number of bases. The report states that the relative contribution by WDC securityholders to the formation of Scentre Group should be between 48% and 56% of Scentre Group, depending on the basis adopted[1].

Under the proposal, WDC securityholders are receiving 48.6% of Scentre Group.

The proposal has the unanimous support of the Board of WDC.

Securityholders will meet on 29 May 2014 to vote on the proposal.

The Securityholder booklet includes further detailed information in relation to financial metrics and forecasts made when the proposal was announced on 4 December 2013. The WDC booklet will be mailed to securityholders shortly and is available at www.westfieldgroup.com

For further queries call the Westfield Group Securityholder Information Line on 1800 674 015 (within Australia) or on +61 3 9415 4121 (outside Australia) at any time from 8.30am to 5.00pm (Sydney time) Monday to Friday.


The Westfield Group (ASX Code: WDC) is an internally managed, vertically integrated, shopping centre group undertaking ownership, development, design, construction, funds/asset management, property management, leasing and marketing activities and employing approximately 4,000 staff worldwide.  The Westfield Group has interests in and operates one of the world’s largest shopping centre portfolios with investment interests in 90 shopping centres across Australia, the United States, the United Kingdom and New Zealand, encompassing over 20,500 retail outlets and total assets under management of $70bn.

This release contains forward-looking statements, including statements regarding future earnings and distributions.  These forward-looking statements are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements contained in this release.  You should not place undue reliance on these forward-looking statements.  These forward-looking statements are based on information available to us as of the date of this presentation.  Except as required by law or regulation (including the ASX Listing Rules) we undertake no obligation to update these forward-looking statements.

[1] Reference should be had to the analysis and the assumptions and qualifications to the analysis set out in the Grant Samuel report.