Westfield Retail Trust (fka WTSRF)

[follyism]

Westfield to split, Frank Lowy to chair both listed groups

Westfield's Australia and New Zealand business will be merged with spin-off Westfield Retail Trust to create a new entity to be known as Scentre Group, which will dominate the local retail property industry.

The international business will become Westfield Corporation and pursue major developments around the world.

Westfield Group has $37.9 billion worth of malls under management in Australia and New Zealand and $27.6 billion internationally.

Group founder Frank Lowy will chair both groups but after a transition period current Westfield joint managing director Peter Lowy will become a non-executive director.

http://www.theaustralian.com.au/business/property/westfield-to-split-frank-lowy-to-chair-both-listed-groups/story-fn9656lz-1226774772242