Westfield Group
Westfield Group was an Australian-listed shopping-centre company that operated major retail property assets across Australia, New Zealand, the United States and the United Kingdom until its 2014 separation.
Last updated August 26, 2026
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Overview
Westfield Group was an Australian shopping-centre development, ownership and management company active from 1960 until 2014. It became one of the most recognizable names in international retail property, building and operating large shopping centres in Australia and expanding through acquisitions and developments in New Zealand, the United States and the United Kingdom. The company was floated on the Australian Securities Exchange in 1960 and initially concentrated on the Australian market. During its first expansion phase it developed five centres in New South Wales, then extended its presence into Victoria and Queensland in 1966 and 1967. Its business model combined property development, long-term ownership, asset management and centre operations. Rather than functioning primarily as a conventional retailer, Westfield created and managed retail destinations containing department stores, supermarkets, specialty retailers, food outlets, entertainment facilities and services. Westfield entered the United States in 1977 and later assembled a substantial portfolio there through acquisitions and redevelopment. It also expanded into New Zealand during the 1990s, acquiring interests in existing shopping centres, including assets associated with the Fletchers and St Lukes portfolios, and progressively applying the Westfield name. Its New Zealand presence eventually included a large concentration of centres in Auckland, including the purpose-built Westfield Albany, which opened in 2007. In the United Kingdom, Westfield developed or held interests in major urban shopping destinations. Its most prominent British projects included Westfield London in Shepherd's Bush and Westfield Stratford City in east London, adjacent to the 2012 Olympic Park. The company also redeveloped and rebranded Derby's Eagle Centre as Westfield Derby and pursued plans connected with the Whitgift Centre in Croydon. These projects reflected Westfield's strategy of operating large, landmark centres integrated into metropolitan regeneration and transport schemes. The group was strongly associated with the Lowy family. Frank Lowy was a founder and non-executive chairman, while his sons Steven Lowy and Peter Lowy served as joint managing directors. The family's influence shaped the company's strategic direction even as Westfield grew into a multinational property group. Westfield periodically sold assets that it regarded as non-core. In 2006 it announced the sale of eight United States shopping centres to Centro Properties Group. In 2012 it agreed to sell seven non-core property assets to Starwood Capital Group for A$1 billion and another property for A$147 million, with proceeds intended partly for debt reduction and investment in higher-return businesses. The original Westfield Group ceased to exist as a single company in 2014. Its assets were separated between Scentre Group, which retained the Australian and New Zealand Westfield shopping-centre portfolio, and Westfield Corporation, which held the United States and European portfolio. Westfield Corporation later merged with Unibail-Rodamco to create Unibail-Rodamco-Westfield. The Westfield name therefore continued as a shopping-centre brand after the corporate group was divided, but the historical Westfield Group itself is defunct.
History
Westfield Group originated in Australia in 1960 and was floated on the Australian Securities Exchange in the same year. Its early development centred on New South Wales, where it built five shopping centres before expanding into Victoria and Queensland in 1966 and 1967. The company established a model based on developing, owning, leasing and managing large retail properties rather than selling merchandise directly. The group began international expansion in the United States in 1977. Over subsequent decades it acquired and redeveloped shopping centres, building a significant American portfolio. In 2006, it sold eight US centres to Centro Properties Group after determining that those properties did not fit its strategic priorities. Westfield also received US$17.3 million in 2003 as part of an insurance claim associated with the World Trade Center attack. New Zealand became another important market. Westfield entered the country in 1997 and acquired an interest in the St Lukes Group portfolio in 1998. During the 1990s and afterward, it acquired a number of existing centres, including properties associated with Fletcher, and progressively rebranded them under Westfield. The group ultimately operated a particularly strong network in Auckland. Westfield Albany, opened in 2007, was its first fully new centre in New Zealand rather than an acquired or rebranded property. In 2012, Westfield sold its 50 percent interest in Westfield Shore City in Takapuna. The United Kingdom became a major development market through large urban projects. Westfield held a 50 percent interest in Westfield London, a major Shepherd's Bush development, and controlled the wider Stratford City redevelopment alongside the 2012 Olympic Park after acquiring the remaining interest in the project. It also redeveloped Derby's Eagle Centre, opening a major extension and refurbishment in 2007 under the Westfield Derby name. The Derby centre was later sold to Intu in 2014. Westfield was also involved in plans for the redevelopment of Croydon's Whitgift Centre and in the troubled Broadway development in Bradford after acquiring Stannifer in 2004. The company was closely controlled by the Lowy Family Group. Frank Lowy, one of the founders, served as non-executive chairman, while Steven Lowy and Peter Lowy were joint managing directors. This family leadership remained a defining feature of the group as it grew internationally. Westfield's tenant relationships attracted regulatory scrutiny in Australia. Retailers criticised its fee structures, leasing practices and the costs associated with bringing acquired centres up to Westfield standards. In 2004, the Australian Competition & Consumer Commission concluded that Westfield had abused its market and commercial power in settling tenant disputes. The company gave a formal undertaking not to engage in unconscionable conduct and intimidation. By 2012, Westfield was actively reshaping its portfolio. The planned disposals to Starwood Capital and another buyer were described as sales of non-core assets, with proceeds allocated to debt repayment and investment in businesses expected to produce stronger returns. The decisive structural change came in 2014, when the group separated its assets into two independent companies. Scentre Group received the Australian and New Zealand portfolio, while Westfield Corporation retained the American and European assets. Westfield Corporation subsequently merged with Unibail-Rodamco, creating Unibail-Rodamco-Westfield. Consequently, Westfield Group no longer operates as an independent corporate entity, although the Westfield centre brand continued in several markets.
- 2014
Corporate separation
[1]Westfield Group was split into Scentre Group, covering Australia and New Zealand, and Westfield Corporation, covering the United States and Europe.
- 2012
Non-core asset disposals announced
[1]Westfield announced sales of seven assets to Starwood Capital Group and another property to an undisclosed buyer, linking the proceeds to debt reduction and reinvestment.
- 2007
Westfield Albany opens
[1]Westfield Albany opened in New Zealand, representing the group's first fully new centre in that country.
- 2007
Westfield Derby opens after redevelopment
[1]A major extension and refurbishment of Derby's Eagle Centre opened under the Westfield Derby name.
- 2006
Sale of eight US centres
[1]Westfield sold eight United States shopping centres to Centro Properties Group as part of a strategic portfolio review.
- 2004
Formal undertaking following tenant-practice investigation
[1]Following an Australian Competition & Consumer Commission investigation, Westfield undertook not to engage in unconscionable conduct and intimidation in tenant dealings.
- 1998
Interest acquired in the St Lukes Group portfolio
[1]Westfield acquired an interest in the St Lukes Group portfolio, strengthening its position in New Zealand.
- 1997
Entry into New Zealand
[1]Westfield entered New Zealand, where it subsequently developed a sizeable portfolio through acquisitions, partnerships and new construction.
- 1977
Entry into the United States
[1]Westfield began building its international shopping-centre portfolio by entering the United States market.
- 1966
Expansion into Victoria and Queensland
[1]After developing five centres in New South Wales, Westfield expanded into Victoria and Queensland during 1966 and 1967.
Products and positioning
A large-scale owner, developer and operator of destination shopping centres, positioned around premium retail environments, major urban developments, international tenants and integrated property management.
Shopping-centre property · 1960
Regional shopping centres
Westfield's core offering was the large regional shopping centre: a managed retail destination combining department stores, supermarkets, specialty shops, dining, entertainment and customer services. The group generally retained ownership interests and managed leasing, marketing, maintenance, redevelopment and tenant coordination.
Urban shopping-centre development
Westfield London
Westfield London was the group's major Shepherd's Bush development in west London, held through a 50 percent partnership before the 2014 corporate separation. It represented Westfield's strategy of creating a large-scale retail and leisure destination within a major metropolitan regeneration area.
Urban shopping-centre development · 2011
Westfield Stratford City
Westfield Stratford City was developed alongside the 2012 Olympic Park in east London. Westfield controlled the broader Stratford City redevelopment project and used the centre to connect retail, leisure and transport-led urban regeneration.
Shopping centre · 2007
Westfield Albany
Westfield Albany was the group's purpose-built New Zealand shopping centre in Auckland. Opening in 2007, it differed from much of Westfield's earlier New Zealand expansion because it was a newly developed centre rather than an acquired and rebranded property.
Shopping-centre redevelopment · 2007
Westfield Derby
Westfield Derby was the rebranded Eagle Centre in Derby, England, following a substantial extension and refurbishment. The upgraded centre opened in 2007 and was subsequently sold to Intu in 2014.
Controversies
2004
Australian tenant-conduct investigation
The Australian Competition & Consumer Commission investigated disputes between Westfield and retail tenants and found that the company had abused market and commercial power in settling disputes. Westfield gave a formal undertaking concerning unconscionable conduct and intimidation.
Retailer criticism of fees and leasing policies
Retailers criticised Westfield's fee structures and policies, including the costs and pace of bringing acquired centres into line with corporate standards and the associated impact on rents and operating requirements.
Brand decisions
2014
Separate the group into two companiesStrategyBackground
Westfield reorganised its geographically distinct Australian and New Zealand operations separately from its American and European assets.
Action taken
The Australian and New Zealand portfolio became Scentre Group, while the United States and European portfolio became Westfield Corporation.
Aftermath
The original Westfield Group ceased to exist as a single corporate entity. Westfield Corporation later merged with Unibail-Rodamco to form Unibail-Rodamco-Westfield.
2012
Dispose of non-core property assetsStrategyBackground
Westfield sought to reshape its portfolio and improve capital allocation.
Action taken
The group agreed to sell seven assets to Starwood Capital Group for A$1 billion and another property for A$147 million.
Aftermath
The proceeds were intended for debt repayment and investment in businesses offering higher returns.
Asset sale value. A$1 billion for seven assets; A$147 million for one additional property (2012)
2006
Exit selected US centresStrategyBackground
Westfield identified eight United States shopping centres as outside its strategic plan.
Action taken
It announced their sale to Centro Properties Group.
Aftermath
The disposal narrowed the US portfolio toward assets that management considered more strategically suitable.
Sources1 sources
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