Westfield misses target

Published on Wed, 08/12/2010, 02:46:26

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Westfield Group has raised a total of approximately $2.01 billion, which falls short of its $3.5 billion target for its proposal to establish Westfield Retail Trust.

However, the company noted the amount raised is well in excess of the underwritten amount of $1.75 billion.

The shopping centre developer first proposed to restructure its business in November that would create a separately-listed property trust.

The proceeds of the offer will be used to pay down debts with expectations the new trust will have a 21.5 per cent conservative gearing ratio.

For the financial year ending 31 December 2011, WRT is expected to achieve earnings per stapled unit of 18.3 cents and a distribution per stapled unit of approximately 16.5 cents.

Westfield Retail Trust stapled units are expected to commence trading on the Australian Stock Exchange on 13 December 2010.
 


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