By Phil Boeyen, ShareChat Business News Editor
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Thursday 9th August 2001 |
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The trust, which runs shopping centres in Australia and New Zealand, says the June-end result represents a distribution of 11.42 cents per unit, up 4.1% on last year.
Westfield says the growth in distribution results from a combination of factors - existing centre income growth, contributions from recently completed developments and transactions.
These include the amalgamation of the Auckland-based St Lukes Group with Westfield Trust in New Zealand in August last year, the purchase of a 50% interest in Westfield Mt Druitt in Sydney and the sale of a 50% interest in Indooroopilly in Brisbane at the end of last year.
Westfield MD, Steven Lowy, says the result is solid and reflects the strength of the trust's portfolio of regional shopping centres in a difficult retail trading environment.
"Retail trading conditions in Australia have been more difficult in the past 12 months than at any time in recent years.
"Despite the softer conditions, demand for space in the trust's existing portfolio and new developments continues to be solid with the vacancy level in existing centres remaining below 1%."
The trust's assets at the end of June totalled A$8.5 billion at 30 June 2001, up 6.5% from the previous year. It owns 11 shopping centres in New Zealand and is undertaking a NZ$1 billion redevelopment program for the portfolio.
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