The Australian operator of trading areas Westfield Group has sold 50 % of British shopping center Merry Hill to financial company Queensland Investment Corp.
On terms of the deal the sum of which has made 524 million pounds (1 billion dollars), Westfield will continue to control a rent policy and development of shopping center. The proceeds obtained from sale it is planned to direct for others developer projects. Shopping center Merry Hill, which area is about 150 thousand m2, is located in Birmingham suburbs. Well-known retail chains Marks and Spencer Group Plc. and J Sainsbury Plc are among tenants of the center. We shall remind that Westfield Group’s net profit for the first half-year 2006 has risen on 120% and has reached a value of 3.38 billion Australian dollars (2.58 billion dollars). Company’s cost is about 57 billion Australian dollars (43 billion dollars).
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