Development Program

$10.5 Billion Development Program

Westfield Corporation is a global leader in the design, development and operation of flagship retail destinations. It is widely acknowledged as creating and operating some of the top shopping centres in the markets in which it operates.

In the United Kingdom, Westfield London and Westfield Stratford City are two of the highest revenue generating shopping centres. These two centres generate annual sales of £2.1 billion from over 70 million annual customer visits. On completion of the current £600 million expansion, Westfield London will become the largest shopping centre in Europe.

In the United States, the Westfield World Trade Center, which is scheduled to open in August 2016, will transform shopping in Lower Manhattan with 365,000 square feet of retail and dining space integrated into the spectacular Santiago Calatrava designed Oculus. The $800 million redevelopment of Westfield Century City in Los Angeles will redefine shopping on the west side of Los Angeles.

The Group continues to focus on creating the highest quality shopping centre portfolio globally through its $10.5bn development pipeline, comprising $3.7bn of current developments and $6.8bn of future developments. Westfield Corporation's share of the development program is approximately $6 billion.

This $10.5 billion development program excludes residential opportunities on land which Westfield Corporation currently owns and is located adjacent to its centres. For example the Group has approvals for 2,500 apartments at Westfield London and Westfield Stratford City.

With expected yields of between 7% and 8%, Westfield Corporation’s development program is expected to generate significant long-term value and earnings accretion for the Group.

Current Projects

TOTAL PROJECT MILLION WESTFIELD CORPORATION MILLION ANTICIPATED COMPLETION
Westfield World Trade Center (New York) $1,425 $1,425 Aug 2016
Century City (California) $800 $800 2H2017
UTC (California) $585 $293 2H2017
Westfield London (UK) £600 £300 2H2018
TOTAL $3.7 billion 3.0 billion

FUTURE Projects

TOTAL PROJECT BILLION WESTFIELD CORPORATION SHARE ANTICIPATED COMMENCEMENT
Valley Fair (California) $0.9 50% 2016
Topanga (California) $0.15 55% 2016
Milan (Italy) €1.4 75% 2017-18
Croydon (UK) £1.4 50% 2017-18
Other Future Projects $2.2
TOTAL $6.8 billion