Global property giant Westfield Group (ASX: WDC) is reportedly exploring the option of a secondary listing in the United States as part of a plan to split the property empire.
While it is seen as an opportunity to address currency hedging concerns, the option is also being driven by cheaper borrowing rates in the US which would put the company in a better position to compete with Simon Property Group, which is the biggest mall owner in the US.
As reported by The Australian Financial Review on Monday, the company is expected to move quickly towards a New York Stock Exchange listing if its plans to split its domestic and international assets are approved by shareholders in May.
Under the deal, Westfield's Australian and New Zealand assets would be combined with those of Westfield Retail Trust (ASX: WRT) to form a new company, Scentre Group. Its international assets would then also form a new company, to be known as Westfield Corporation.
Westfield will retain its primary Australian listing for the new Westfield Corporation.
Get the full report on our top dividend stock for 2014 — FREE!
