Westfield Trust to acquire remaining 50% interest in Westfield Shoppingtown Manukau

21 May 2001

Countries: New Zealand

Westfield Trust today announced it had agreed to acquire theremaining 50% interest in Westfield Shoppingtown Manukau in NewZealand from joint venture partner AXA New Zealand for NZ$83million.

The acquisition, which is subject to Overseas InvestmentCommission approval in New Zealand, is expected to be complete by15 June 2001.

The 32,000 square metre shopping centre is in Auckland, has 136retailers and generates annual retail sales of NZ$180.4million.

Westfield’s Director of Funds Management, Mr Victor Hoog Antink,said the acquisition reflected Westfield’s long-term commitment toNew Zealand and the quality of the shopping centre investment.

Westfield Shoppingtown Manukau is located within Manukau city,South Auckland, 25 kilometres southeast of downtown Auckland. Thewider South Auckland area experienced one of the most rapidpopulation growth rates in New Zealand over the 5 years to 1996 andis expected to maintain its growth into the next decade.

Mr Hoog Antink said the acquisition of the remaining 50%interest in Manukau, which will be funded from Westfield Trust’sinternal resources, will be accretive to distributions to theTrust’s unitholders.