Westfield ‘locks in’ $140 million interest savings for new Westfield Group

30 April 2004

Countries: Australia, United States

Westfield today announced it had completed option contracts which will underpin the $140 million interest savings to the new Westfield Group forecast in its presentation to investors last week.

Westfield Chairman, Frank Lowy, said the option contracts entered into by Westfield Holdings on behalf of itself, Westfield Trust and Westfield America Trust would hedge the new Groups exposure to movements between the Australian and United States interest rates for the forecast period.

The option contracts, together with yesterdays confirmation by Standard & Poors of a A/A-1 rating for the new Group, highlights the benefits of the merger proposal which will create a stronger platform for Westfield to pursue global growth opportunities, he said.