Simon Property Group and Westfield America extend tender offer for TCO common shares until October 31, 2003

03 October 2003

Countries: United States

$141 Million Redevelopment Unveiled
San Jose, CA, October 3, 2003 Westfield America today announced the grand opening of Westfield Shoppingtown Oakridge, located in San Jose, California. The $141 million redevelopment project expanded Oakridge to more than a million square feet of retail and dining options, with a new entertainment and lifestyle precinct.

“We are very excited to open the new Westfield Shoppingtown Oakridge,” said Peter Lowy, CEO of Westfield America. “We are opening six months earlier than originally planned, on budget and at 97%, are nearly fully leased, with many of the remaining new stores opening progressively as we approach the holiday trading season.”

The Oakridge expansion lineup now includes over 160 specialty stores and restaurants, along with Century 20 Theatres, Linens N Things, Borders Books & Music, Macy’s (expansion opening in November 2003), Sears, and Old Navy. Shoppers can expect to see more than 70 new retailers including: Forever 21, Charlotte Russe, New York & Co., Victoria’s Secret, Aeropostale, Champs Sports, The Cheesecake Factory, California Pizza Kitchen, BJ’s Restaurant & Brewhouse, as well as a new food court featuring 16 quick food options such as Starbucks, Jamba Juice, Rubio’s Baja Grill, ColdStone Creamery and more.

Westfield also continues its focus on family by opening a signature Children’s PlayTown, a special outdoor park with play area and double-decker carousel, a tile wall painted by local children (which raised over $24,000 for three local charities), and several family amenities including three state-of-the art family restrooms.

The redevelopment, which lasted just over 16 months, adds over 1,500 new retail and restaurant jobs to San Jose. Additionally, the expansion includes two new parking structures and 1500 new parking spaces, bringing the total to 5200.

Westfield Shoppingtown Oakridge is owned by Westfield America Trust (ASX: WFA). WFA owns a majority interest in the Westfield America portfolio of 65 centers, branded as Westfield Shoppingtowns. Westfield Shoppingtowns are home to over 8,500 specialty stores and encompass more than 65 million square feet in the states of California, Colorado, Connecticut, Florida, Illinois, Indiana, Maryland, Missouri, Nebraska, New Jersey, New York, North Carolina, Ohio and Washington.