Just announcing that it was entering the Brazilian market, Westfield Group said it is also expanding into Milan, Italy.
The company has acquired a 50 per cent interest into a planning site where it plans to develop to the scale and quality of Westfield London.
Steven Lowy, co-CEO of Westfield Group, said the option of building in one of the world’s fashion capital cities will help leverage its footprint in continental Europe.
This opportunity leverages the capabilities we have created in the United Kingdom and in particular at Westfield London and the soon to be opened Stratford City. It represents an exciting opportunity to utilise our expertise in creating another truly iconic shopping centre in one of the world’s great cities,” he said.
The 60-hectare site, adjacent to Milan’s Linate airport, is being acquired in joint venture with Gruppo Stilo (GS), an Italian based developer and owner of major retail brands.
Westfield will invest $160 million in two stages to acquire a 50 per cent in the joint venture, with $90 million invested initially and a further $70 million to be invested when the development commences in 2012/13.