Westfield says on track to meet full year

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    Westfield says on track to meet full year
    MORE|Published: Monday April 29, 12:40 PM

    Westfield said previously the jump in net profit would be largely due to its management fees associated with the Rodamco investment.

    The transaction approved today involves Westfield Holdings acquiring 279.5 million fully paid ordinary units in Westfield America Trust, at $1.61 each, for $A450 million.

    Westfield will also buy 13.3 million shares in Westfield America Inc for $450 million.

    The $900 million was to help fund Westfield Holdings's acquisition of a 43 per cent stake in Rodamco, for a total of $US2.3 billion ($A4.25 billion).

    The joint bid for control of the Dutch-owned shopping centre group also included Westfield's US competitors Simon Property Group and The Rouse Company each taking a stake.

    Westfield Holdings earlier this year raised its first $1.15 billion for the acquisition through a placement through institutions.

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