KEY POINTS:
SYDNEY - The world's largest shopping mall owner, Westfield Group, says it has experienced strong occupancy levels and solid demand from retailers for space in third quarter.
The group says its highlights include the opening of five major development projects worth A$1.5 billion ($1.81 billion) in four weeks.
They include two redevelopments in the UK, one in Maryland, USA, and the new centre in Albany on Auckland's North Shore.
Westfield Group Managing Director, Steven Lowy, said the delivery of so many major projects across four countries in a four week period was unprecedented.
"Each project has delivered a strong yield and created significant long term value for the group," Mr Lowy said.
"These projects completed at an aggregate cost of A$1.5 billion have delivered strong investment returns, achieving a weighted average income yield of 9.4 per cent thereby being accretive to the Group's operational and development earnings."
Westfield currently has A$5.6 billion of development projects underway and in excess of A$10 billion of new development projects expected to commence over the next three years.
Westfield said there was strong occupancy levels and continued solid demand from retailers across all markets.
Quarterly sales growth in Australia was 5.6 per cent, in the United Kingdom 2.1 per cent, the United States 1.9 per cent and New Zealand, up 2.2 per cent.
The company said it was well positioned to start A$10 billion of new development projects over the next three years.
In terms of shopping centre performance, Westfield said it had leased 99.5 per cent of its Australian and New Zealand portfolio, at A$1,247 per square metre in Australia and $1,031 per square metre in New Zealand, a five per cent growth rate.
- AAP
