In recent years Westfield has been analysing opportunities to provide residential dwellings adjacent to our retail assets, something which can increase the value of our portfolio and generate additional customer visits and retail sales. We are currently examining opportunities to create 8,000 apartments on land we currently own in the US and UK
These apartments will complement our existing assets, utilising surplus land while generating additional customer visits, and will create significant long-term value.
During 2016, Westfield progressed the planning, analysis and resourcing for our residential opportunities and are currently in the process of gaining approvals from local authorities for a number of schemes.
In July 2017 we commenced work on the 300 apartment project at Westfield UTC. We anticipate commencing the 1,200 apartment project at Westfield Stratford City in 2018.
We plan to fund these residential opportunities by partnering with third party capital providers.