Westfield expanding in London

The property developer continues to expand globally.

a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Global property developer Westfield Group (ASX: WDC) is searching for a partner as it gets set to extend its shopping centre complex in London, which will include both retail and residential components.

The group maintains plans to spend around £2 billion ($3.4 billion) on developments in London in the next few years. One such project is its mega Westfield London mall, located in Shepherd’s Bush in the city’s west on a site that is reportedly 9.3ha in size.

According to The Australian, the company is searching for a partner to assist it with the development of a 1,522-dwelling project which it hopes to be open by Christmas 2017. The company has stated that the housing market in surrounding areas remained strong and it is expected to be maintained going into the future.

On top of the residential component, the retail landlord is also planning to add additional department stores and shops, whilst open space will also be a part of the expansion.

Michael Gutman, Westfield’s managing director of Britain, Europe and new markets, said. “The Westfield London residential scheme is a rare opportunity to be involved in an inner London development with the world’s best luxury and high street retail on its doorstep and accessible by superior transport connections… We are seeking a best-in-class residential partner to work in partnership over the next phase of development to create a new residential neighbourhood within an expanded metropolitan town centre.”

Meanwhile, the company has also received approval to develop in excess of 1,000 dwellings at Westfield Stratford, also located in England.

Foolish takeaway

Westfield is a world leader in the property sector and, currently valued at just $10.83, is trading at a very attractive price. Like others in the sector, such as GPT Group (ASX: GPT), the company is focused on strengthening its property portfolio and, thus far, appears to have made all the right moves by its shareholders.

Thinking Westfield might not be right for your portfolio? Are you interested in our #1 dividend-paying stock instead? Discover The Motley Fool’s favourite income idea for 2013-2014 in our brand-new, FREE research report, including a full investment analysis! Simply click here for your FREE copy of “The Motley Fool’s Top Dividend Stock for 2013-2014.”

More reading


Motley Fool contributor Ryan Newman does not own shares in any of the companies mentioned in this article.

More on ⏸️ Investing

Close up of baby looking puzzled
Retail Shares

What has happened to the Baby Bunting (ASX:BBN) share price this year?

It's been a volatile year so far for the Aussie nursery retailer. We take a closer look

Read more »

woman holds sign saying 'we need change' at climate change protest
ETFs

3 ASX ETFs that invest in companies fighting climate change

If you want to shift some of your investments into more ethical companies, exchange-traded funds can offer a good option

Read more »

a jewellery store attendant stands at a cabinet displaying opulent necklaces and earrings featuring diamonds and precious stones.
⏸️ Investing

The Michael Hill (ASX: MHJ) share price poised for growth

Investors will be keeping an eye on the Michael Hill International Limited (ASX: MHJ) share price today. The keen interest…

Read more »

ASX shares buy unstoppable asx share price represented by man in superman cape pointing skyward
⏸️ Investing

The Atomos (ASX:AMS) share price is up 15% in a week

The Atomos (ASX: AMS) share price has surged 15% this week. Let's look at what's ahead as the company build…

Read more »

asx share price competitions represented by businessmen arm wrestling
Retail Shares

How does the Temple & Webster (ASX:TPW) share price stack up against Nick Scali (ASX:NCK)?

How does the Temple & Webster (ASX: TPW) share price stack up against rival furniture retailer Nick Scali Limited (ASX:…

Read more »

A medical researcher works on a bichip, indicating share price movement in ASX tech companies
Healthcare Shares

The Aroa (ASX:ARX) share price has surged 60% since its IPO

The Aroa (ASX:ARX) share price has surged 60% since the Polynovo (ASX: PNV) competitor listed on the ASX in July.…

Read more »

asx investor daydreaming about US shares
⏸️ How to Invest

How to buy US shares from Australia right now

If you have been wondering how to buy US shares from Australia to gain exposure from the highly topical market,…

Read more »

person reading news on mobile phone
⏸️ Investing

Why Fox (NASDAQ:FOX) might hurt News Corp (ASX:NWS) shareholders

News Corporation (ASX: NWS) might be facing some existential threats from its American cousins over the riots on 6 January

Read more »