Westfield America, Inc. (NYSE:WEA) raises US$200 million

16 August 1998

Countries: United States

Los Angeles, California, August 14, 1998 – Westfield America,Inc. (NYSE: WEA) announced today that it has completed the sale of$200 million of convertible preference shares. The equity raisinghad previously been announced upon the execution of definitiveagreements this past June. The proceeds will be used as part of thefunding of the previously announced acquisition of the Hahnshopping center portfolio from TrizecHahn (NYSE:TZH).

These shares are convertible into common stock at the equivalentof $18.00 per share and have a dividend rate equal to the commonstock dividends or 8.5%, whichever is higher, and have been issuedto:

Security Capital Preferred Growth Incorporated: $75 million;Westfield America Trust: $75 million; and Westfield HoldingsLimited: $50 million.

The preferred stock held by Westfield Holdings and WestfieldAmerica Trust is not convertible into common stock until approvalof Westfield America’s shareholders is obtained. The convertiblepreference shares and the common stock into which they convert havenot been registered under the Securities Act of 1933 as amended andmay not be offered or sold in the United States absent registrationor an applicable exemption from registration requirements.

Westfield America, Inc. announced in April that it is in theprocess of acquiring up to 13 centers on the West Coast for anallocated purchase price of up to $1.44 billion (including theassumption of debt). This purchase price has been reduced by $48million as a result of the prior right of first refusal having beenexercised by one of TrizecHahn’s current joint venture partners.The final price to be paid will depend upon the interestsultimately conveyed at closing.

The first closing of the acquisition occurred on July 31, 1998and included two of the 12 regional shopping centers – Valley Fairin San Jose, California and University Towne Centre in San Diego,California. Westfield also assumed management responsibilities forall the Hahn centers it is acquiring. Subsequent closings arescheduled to occur through November, 1998.

Westfield America, Inc. (NYSE: WEA), a real estate investmenttrust, is one of the nation’s leading owners of regional shoppingcenters. With this acquisition, the company owns interests in 29major shopping centers, and after the acquisition of the portfolioof shopping centers from TrizecHahn previously announced by theCompany, the Company will have interests in 38 major shoppingcenters, encompassing 35.2 million square feet in the states ofCalifornia, Colorado, Connecticut, Maryland, Missouri, New York,North Carolina and Washington.