MENU

Westfield puts UK mall up for sale

Global property giant Westfield Group (ASX: WDC) has put its shopping centre in the UK city of Derby up for sale. If sold, it would leave the company with just four assets remaining in the UK.

The mall was valued at £394.3 million ($671 million) in December 2012 and is being sold as the group focuses on selling non-core assets and using the proceeds to expand or redevelop its more profitable stores.

As it stands, should the sale prove successful the company would have just two premium London malls as well as properties at Merry Hill in the Midlands and Sprucefield in Northern Ireland remaining.

Westfield also plans to spend around $3.4 billion on developments in London over the next couple of years, including its mega Westfield London mall, which is on a site that is reportedly 9.3ha in size.

Foolish takeaway

At today’s price of just $10.84 per share, Westfield is an attractive prospect to add to your portfolio. Although it faces headwinds such as an expanding online retail sector, it is setting itself up for a strong future and is well worth your consideration.

Another high-yield stock

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."

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

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.