Westfield expanding in London

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.

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

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