Westfield Group is making its second foray into a new market in a week, spending US$160 million to buy into a development site in the northern Italian city of Milan for a regional shopping centre much like its operation in London.
Westfield said yesterday it would acquire a 50 per cent interest in the site, which already has planning approval for "a world-class iconic regional shopping centre".
Westfield chairman Frank Lowy said the deal was "a unique opportunity ... to establish our franchise in one of the wealthiest population centres in Europe".
