Shares of Westfield Corp Ltd (ASX: WFD) have gained a little over 9% since the beginning of the calendar year to trade at $9.84, which compares to a 3.7% decline for the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO).
Despite their strong outperformance however, Westfield shares remain well below their high of $10.49 achieved earlier this month.
Is this an opportunity to buy?
Westfield Corp was created as part of the global Westfield Group restructure last year. The company now owns and operates all Westfield-branded shopping centres in the United States and United Kingdom, while the brand’s New Zealand and Australian stores were packaged under Scentre Group Ltd (ASX: SCG).
There are plenty of reasons to like Westfield Corp as an investment prospect. First, it gives local investors exposure to international markets, which is particularly important at a time where the Australian dollar is falling (some suggest it will fall below US50 cents) and while US and European markets are recovering.
Indeed, the company is also heavily focused on improving its flagship offerings – that is, its biggest and best malls, often located in major cities – while it also has a huge development pipeline which should generate long-term growth.
Investors should certainly consider taking advantage of this blue chip company while it is on sale, whilst also benefiting from a forecast 3.6% dividend yield.