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WSF, WESTFIELD HOLDINGS LIMITED
amokk20us
post Posted: Sep 30 2004, 01:54 PM
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Posts: 679


Westfield in $1.4bn UK gambit

Shopping centre giant Westfield Group is believed to have offered £540 million ($A1.36 billion) to buy British-based property developer Chelsfield in an effort to gazump rival Multiplex.

Including debt, the Westfield acquisition could be worth more than £2 billion, making it the largest ever deal undertaken by the global manager and developer.

But it is the type of transaction Westfield had in mind earlier this year when chairman Frank Lowy merged the three listed Westfield vehicles to form a $28 billion global group.

While there was no confirmation of the speculation out of London, property trust analysts said firm submissions had been made to Chelsfield.

Although some analysts said Multiplex's 7 per cent stake in Duelguide, the holding company of Chelsfield, might give it the edge over Westfield, others said Multiplex directors were now distracted by their $1.3 billion Ronin offer, which could swing things back towards Westfield.

Chelsfield directors apparently have been concerned by reports that Multiplex is having problems at its $2 billion White City retail development.

Property analysts said the rationale for buying Ronin was to give Multiplex access to income and a flexible balance sheet to give it leverage for deals such as Chelsfield.

According to Goldman Sachs JBWere, Multiplex's 29 per cent gearing gives it plenty of firepower for such a deal.

Deutsche Bank said that while Westfield would want the retail assets and associated development rights of Chelsfield, it might be ready to take on the rest of the portfolio including commercial, residential and leisure properties, which would be on-sold.

Reports in London's Financial Times last night said Multiplex management was believed to be discussing a higher offer. It already has made two bids, the last just above ££500 million.

According to Goldman Sachs JBWere, Multiplex's 29 per cent gearing gives it plenty of firepower for such a deal.Multiplex adviser UBS was unavailable to comment on the latest round of speculation; Westfield's directors were also tight-lipped.

Chelsfield founder Elliott Bernerd and his business partners took the company private in May, investing £404 million into the deal and taking on £1.6 billion of debt.

But a rift developed between Mr Bernerd and his partners, the billionaire investor brothers David and Simon Reuben, which has led them to place their 35 per cent stake on the market.

By Carolyn Cummins
Sydney
September 30, 2004
The Age

 
kathy
post Posted: Jul 13 2004, 04:09 PM
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Frank Lowy Announces New Westfield Group Board
The chairman of the Westfield Group, Mr Frank Lowy, today announced the composition of the new Westfield Group board.

The directors will be:

Frank Lowy AC (Chair); Fred Hilmer AO (Deputy Chair); David Lowy AM (Deputy Chair); Roy Furman; David Gonski (AO); Stephen Johns; Peter Lowy; Steven Lowy; John Studdy AM; Fay Vincent*; Gary Weiss; Dean Wills AO; and Carla Zampatti AM.

In addition to the five directors who are executives or regarded by the board as nonindependent, there will be eight independent directors on the new board - four currently serving on the Westfield Holdings board and four additional directors drawn from the boards of Westfield Trust and Westfield America Trust.

Mr Lowy said the new board had a strong mix of the skills required to run the increasingly international business of the Westfield Group.

"We are fortunate that two senior and widely respected US business figures, Fay Vincent and Roy Furman, have agreed to continue to serve the Group, and that the other directors bring a range of skills and backgrounds directly relevant to our business," he said.

"The composition of the new board, along with other measures such as the formation of a Risk Management Committee, means Westfield is in line with appropriate standards of corporate governance and the expectations of the investment community."

The committees of the Westfield Group board will be:


Risk Management: David Lowy (Chair); Stephen Johns; Gary Weiss.

Nomination: Frank Lowy (Chair); David Gonski; Dean Wills; Carla Zampatti.

Remuneration: Fred Hilmer (Chair); Roy Furman; David Gonski.

A new company will be formed to act as the responsible entity for Carindale Property Trust which is managed by the Westfield Group. Bob Mansfield will be appointed as the independent chairman of that entity and will be joined on the board by Stephen Johns and John Studdy.

Jillian Broadbent AO, Bob Mansfield AO and Herman Huizinga resigned from the boards of Westfield Trust and Westfield America Trust, Bill Falconer CNZM, resigned from the board of Westfield Trust and Rob Ferguson resigned from the Westfield Holdings board.

"I would like to record my thanks for the significant contribution made by each of these directors," Mr Lowy said.

Biographies of the directors of the new Westfield Group board are available at westfield.com

*Mr Vincent is currently a director on the board of Westfield America Trust and will be appointed immediately as a director of Westfield Trust. As the Westfield Holdings board may only fill three casual vacancies at this time, Mr Vincent will be nominated for election as a Westfield Holdings director at the next general meeting of members.


 
JJP
post Posted: Jun 19 2004, 06:53 PM
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See ACCC release on Friday entitled:

ACCC settles unconscionable conduct, misleading conduct action against Westfield

http://www.accc.gov.au/content/index.phtml/itemId/515829

ACCC found that Westfields has tried to nobble their tennants.......not exactly what a potential investor looks for in a shopping centre landlord.



 
Guest_superann_*
post Posted: May 4 2004, 08:23 PM
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Hi cable_guy DFC???...excuse my ignorance....

 
cable-guy
post Posted: May 1 2004, 08:25 AM
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I agree, I picked up a few on DFC and might buy some more next week if they come off more

 
Guest_superann_*
post Posted: Apr 30 2004, 09:49 PM
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Correct me if I am wrong but a yield of around 7% (as stated in the announcement $1-03 per share in combined entity) would put share price around $14-00 $15-00. If they maintain the divvy as stated and yield drops to around 5% that would put the share price around $19-00 - $20-00.


If they buy a big block of malls over the next couple of years the share should get growth as well as maintain a decent yield. Then perhaps you could expect 23-00 - 24-00. Plus the Aussie dollar is going the right way for this share with large % of income from the US.


 


cable-guy
post Posted: Apr 24 2004, 11:57 AM
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the only way to find out is see what happens to the share price next week..my pick is up,

but thats what makes a market

 
toilet
post Posted: Apr 24 2004, 11:13 AM
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yeah fund managers wanting growth instead on yield
will be selling out i think
so not much effect.

 
cable-guy
post Posted: Apr 24 2004, 08:31 AM
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a fund mangerI know put that on it , and he has v good track record. also yield of 7% in pretty high , he expects the yield to be more around 5.5%

 
toilet
post Posted: Apr 24 2004, 01:04 AM
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$15.50 price target ?
based on what !?

well although like i do expect it to rise the share price
due to proably potential of futher expansion oppotunities

im just curious how u got that figure ?!
i think it would be a good investment long term anyhow


 
 


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