Independent expert finds Westfield merger ‘in best interests of invertors’

26 May 2004

Countries: Australia, United States

Westfield today released its Explanatory Memorandum (EM) dealing with the proposal to merge the three listed Westfield entities Westfield Trust, Westfield America Trust and Westfield Holdings.

The EM contains an Independent Experts Report from Grant Samuel & Associates, which concludes that the merger is equitable and in the best interests of investors of all three Westfield entities.

The Independent Experts Report says: Grant Samuel believes that Westfield Holdings shareholders, Westfield Trust unitholders and Westfield America Trust unitholders are receiving an equitable share of the merged group relative to their contributions to market value.

The EM and its various reports confirm the key financial data and forecasts for distributions made when the proposal was announced on April 22.

In a letter to investors accompanying the EM, Mr Lowy, said: There are substantial benefits for the three entities and it represents a win, win, win for investors in each of the entities in the short and long-term.

The investment market has viewed the merger favourably. The market capitalisation of the three entities on April 22 was approximately $22 billion and this has increased to approximately $25 billion today.

The proposal has the unanimous support of the Directors of each of the Westfield entities who have recommended that members vote in favour of the proposal.

The Explanatory Memorandum will be mailed to investors in Westfield Holdings, Westfield Trust and Westfield America Trust shortly and will be available at

Investors in all three entities will meet on 25 June 2004 to vote on the merger.

**Westfield information line toll free within Australia 1300 766 010 or outside Australia +61 2 9240 7455