Shares in property giant Westfield Group (ASX: WDC) have fallen 1.4% today to just $10.75 per share, creating a fantastic opportunity for investors to buy stocks at discounted prices.
Many investors remain cautious regarding the group's prospects due to the threat of online retailing and volatility in consumer and business confidence, however, it is the long-term that counts.
Westfield and its affiliate Westfield Retail Trust (ASX: WRT) are focused on strengthening their balance sheets by divesting from non-core assets and reallocating the funds towards redeveloping and expanding its more profitable stores.
As of the end of September, the company maintains interests in 91 shopping centres spread over four countries and is exploring opportunities to re-enter the Brazil market, which would expose the company to significant growth prospects.
In its recent third-quarter update, it reconfirmed its full-year guidance as well as its plan to distribute a total of 51c per security in dividends.
Foolish takeaway
Although the company is still facing a number of challenges, investors appear to be focused on the short-term hurdles as opposed to the long-term opportunities. At today's price, Westfield's shares are sitting 14.3% below their 12-month high and could be a strong addition to your portfolio.
