Along with its partner Hammerson, Westfield Group (ASX: WDC) has received the first regulatory tick for the £1 billion ($1.76 billion) redevelopment of its shopping centre in Croydon, London.
The group will begin redeveloping the first part of the project, which is the Whitgift centre, following the decision of the London Borough of Croydon's strategic planning committee to give that part planning permission.
Westfield recognises the decision as a "significant step forward", believing that the investment into the transformation of the area could "act as a major catalyst for the wider physical and social regeneration of the town."
With sales strengthening throughout Westfield's UK centres, the group is also planning to expand its Westfield London centre which received a significant boost following the decision of John Lewis to open a full line department store at the mall.
Foolish takeaway
Whilst global conditions have remained tough in recent times, the shopping centre giant, along with its affiliate Westfield Retail Trust (ASX: WRT), is focused on strengthening its balance sheet to ensure a more promising future. Shares in Westfield are currently trading at $10.47 and could be an excellent addition to your portfolio.
A high-yielding alternative
