Westfield to split domestic, global ops

[SYDNEY] Westfield Group, Australia's biggest mall operator, plans to split its domestic and international businesses, advancing a separation of assets that began three years ago.

Westfield Group, which jointly owns malls in Australia and New Zealand with Westfield Retail Trust, proposes combining their stakes to create a new company called Scentre Group, it said in a regulatory filing. Westfield Group will be renamed Westfield Corp and hold malls overseas. Both Reits will be listed on the Australian stock exchange, and Westfield Corp may also be listed elsewhere, it said.

Westfield Group, which is increasing its focus on higher-return activities including development, is distancing itself from Australia and New Zealand, where it expects to see the slowest growth this year. The Sydney-based company spun off half of its Australian and New Zealand malls into Westfield Retail Trust in 2010, and billionaire co-founder Frank Lowy and his family sold their 7.1 per cent stake in the trust in February.