Lowy family secures Westfield Retail Trust buyers

Jonathan ChancellorFeb 27, 2013

The Lowy family has sold its 7% stake in Westfield Retail Trust worth $664 million as part of a strategy to diversify its investments globally.

Investment bank UBS sought buyers for 214.8 million Westfield Retail Trust units on behalf of Frank Lowy’s investment company, The Lowy Family Group.

The units in the shopping ­centre landlord were being offered at $3.09 each Thursday afternoon, a narrow 2.8% discount to Westfield Retail Trust’s $3.18 closing price.

As the largest shareholder in the Westfield Group, the Lowy family stressed its continuing commitment remained unchanged in the Westfield Group.

Westfield Group created WRT in 2010 with a stake in 47 Australian and New Zealand Westfield shopping centres  now worth around $13.5 billion.

The Lowy family statement said the sale was part of a "broader investment strategy to diversify its investments internationally.”

"As the largest shareholder in the Westfield Group, the Lowy family’s interest and continuing commitment remains unchanged.

"Through WDC, LFG retains a significant investment in Westfield’s superior shopping centre portfolio in Australia and New Zealand.”

The sale comes a day after its results.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.