Westfield, AMP negotiate split

Westfield has confirmed it is in talks with financial services group AMP about a possible split of the multi-billion dollar shopping centres they own and manage.

Media reports at the weekend suggested Westfield and AMP had agreed to divide up their shopping centre portfolio, with at least six centres to be swapped between them.

AMP Capital Investors would take over the stakes it did not own in three shopping centres, while Westfield would do the same with another three, The Weekend Australian reported.

Westfield has confirmed it is in talks with AMP about a possible reallocation of shopping centre interests.

“The ongoing negotiations involve the existing portfolio of assets in which the AMP (including AMP managed funds), Westfield Group and the (Westfield Retail) Trust have various ownership interests, however no binding arrangements have been entered into between the parties,” Westfield said in a statement.

“A further announcement will be made if these negotiations do result in a binding arrangement between the relevant parties.”

Westfield and AMP collectively own and manage assets worth nearly $58 billion in Australia.

The newspaper suggested the pair wanted to break up their shopping centre assets amid a clash over the style of management and development of the centres.



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