25 July 2008

SEATTLE, WA Westfield Southcenter today opened its highly anticipated redevelopment with more than 75 new specialty shops, a 16-screen AMC cinema complex, new restaurants, caf-style dining terrace and customer amenities not currently found in the Seattle market region. Washington Governor Christine Gregoire and Tukwila Mayor James Haggerton joined Westfield executives in commemorating and celebrating the grand opening.

Completed eight months ahead of plan and more than 98% leased, the US$240 million redevelopment features a three-level expansion of approximately 400,000 square feet of retail space, taking the total to 1.7 million square feet, with Southcenter emerging as the largest shopping center destination in the Pacific Northwest.

It is with great pleasure that I congratulate Westfield for this spectacular project and for their commitment to being a great corporate citizen and valued community partner, said Governor Christine Gregoire. The opening of the shopping center translates into 1,600 new jobs and significant new tax revenues that will contribute to the economic growth in the region.

We are delighted to welcome our shoppers to the new Westfield Southcenter, said Steven Lowy, Westfield Group Managing Director. From a company perspective, this project well-illustrates Westfields application of international experience and global best practices, investing not just in bricks and mortar, but in new concepts designed and tailored for each market. What we unveil today takes the shopping experience to a whole new level in Seattle.

Anchored by Nordstrom, JCPenney, Macys and Sears, the revitalized and expanded Southcenter now features an AMC 16-screen stadium seating theatre along with more than 75 new specialty shops including several new-to-market stores such as a flagship H&M, Gilly Hicks and a Borders concept store. Additionally, a new restaurant promenade features five new signature restaurants and joins the new caf-style dining terrace with expansive views of Mt. Rainer through a stunning 90-foot glass faade.

The Southcenter grand opening follows on from the recent openings of the A$210 million new centre at Plenty Valley and the A$210 million Geelong redevelopment, both in Victoria, Australia as well as the US$115 million redevelopment of Plaza Bonita in San Diego, California. In addition, Westfield will open the A$600 million redevelopment of Doncaster in Melbourne and the new 1.6 billion flagship Westfield London, on Londons west side, by year end.

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The Westfield Group (ASX: 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 in excess of 4,000 staff worldwide. It has investment interests in 118 shopping centres in four countries, with a total value in excess of US$60 billion and is the largest retail property group in the world by equity market capitalisation.