Westfield Trust to raise $82.5 million through underwriting distribution reinvestment plan

30 August 2000

Countries: Australia

Westfield Trust today announced it will raise $82.5 millionthrough an underwritten placement by Deutsche Bank of thedistributions not reinvested by unitholders under the Trust’sDistribution Reinvestment Plan (DRP) for the June half year.

25.943 million units will be issued on 31 August 2000 at a priceof $3.18 per unit and will rank for distribution from 1 September2000.

The total amount of the Westfield Trust’s distribution for thesix months ended 30 June 2000 was $184.3 million of which 55.2%($101.7 million) has been reinvested by unitholders under theDRP.

Westfield Managing Director, Mr Steven Lowy, said the equityraised would be used for additional working capital providing theTrust with greater flexibility in seeking growth opportunities inthe future.