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.