Shares in property group Westfield (ASX: WDC) have fallen to their lowest level since March with a 2.2% drop yesterday, presenting investors with an attractive entry point or an opportunity to stock up on existing holdings.
Since their high of $12.55 in May, the shares have plummeted over 14% to where they currently sit, marginally below $10.80 per share.
Although Westfield has established itself as one of Australia’s most dominant corporations – with a market capitalisation of roughly $24 billion – it still has plenty of growth potential ahead. It is currently focused on strengthening its property portfolio and increasing shareholder returns, whilst also working towards achieving its global operating strategy.
Whilst the corporation currently holds interests in shopping centres throughout Australia, New Zealand, the US and UK, it is also reviewing its options to break back into the promising Brazilian market, which is seen to be one of the ideal destinations for global shopping centre operations due to its size and future potential (particularly with the Olympic Games to be held in Rio de Janeiro in 2016).
At the current price, the group also offers an attractive 4.7% dividend yield.
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Motley Fool contributor Ryan Newman does not own shares in any of the companies mentioned in this article.