History
The Westfield Group had origins in the western suburbs of Sydney. The first development was named "Westfield Place", and opened in July 1959 in Blacktown. The name Westfield is derived from "west" related to the West-Sydney location, and "field" due to having located on subdivided farmland. The centre was opened by John Saunders and Frank Lowy.
The company was floated on the Australian Stock Exchange in 1960 and built another five centres in New South Wales before expanding into Victoria and Queensland in 1966-67.
The expansion into the United States began with the purchase of the Trumbull Shopping Park in Connecticut in 1977, and was followed by three centres in California, Michigan and Connecticut in 1980 and three centres in California, New Jersey and Long Island, New York in 1986. In 1994 Westfield joined together with General Growth and Whitehall Real Estate to purchase 19 centres for US$1 billion. Westfield seems to form clusters of centres around particular cities or within a small number of states. They built considerable holdings on the east coast and in California before expanding in the Mid-West. By 2005, the company owned centres in 15 US states.
In the 1990s, Westfield began a major expansion to New Zealand, where they mostly bought existing shopping centres of the Fletchers company, progressively rebranding them. Only in 2007, with Westfield Albany, has the company opened a fully new centre in the country.
In April 2012 it was announced that the Westfield Group will sell seven 'non-core' property assets to Starwood Capital Group for A$1 billion and one other property to an undisclosed buyer for A$147 million. The funds will be used to repay debt and invest in businesses offering higher return. The sales are expected to be completed by mid–2012.
Read more about this topic: Westfield Group
Famous quotes containing the word history:
“The thing that struck me forcefully was the feeling of great age about the place. Standing on that old parade ground, which is now a cricket field, I could feel the dead generations crowding me. Here was the oldest settlement of freedmen in the Western world, no doubt. Men who had thrown off the bands of slavery by their own courage and ingenuity. The courage and daring of the Maroons strike like a purple beam across the history of Jamaica.”
—Zora Neale Hurston (1891–1960)
“When the history of this period is written, [William Jennings] Bryan will stand out as one of the most remarkable men of his generation and one of the biggest political men of our country.”
—William Howard Taft (1857–1930)
“Considered in its entirety, psychoanalysis won’t do. It’s an end product, moreover, like a dinosaur or a zeppelin; no better theory can ever be erected on its ruins, which will remain for ever one of the saddest and strangest of all landmarks in the history of twentieth-century thought.”
—Peter B. Medawar (1915–1987)