Westfield Trust completes $200 million equity raising

24 April 2003

Westfield Trust today completed a $200 million issue of ordinary units at a price of $3.30 with distribution entitlements from 1 July 2003.

The issue was underwritten by Deutsche Bank.

The proceeds of the issue will be used to retire existing debt facilities. As a result, the Trust’s gearing will decrease from approximately 32% to approximately 30%.

As previously announced, distribution per unit is expected to increase by approximately 3% during 2003.