Westfield Plans Milan Mall, Expands Foray Into New Markets
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Westfield Group, the world’s largest mall operator by assets, plans to build one of Europe’s biggest shopping malls in the fashion center of Milan, its second foray into a new market in a week.
The Sydney-based group will invest 115 million euro ($163.5 million) in two stages to buy a 50 percent stake in the site, which it plans to develop with Italian firm Gruppo Stilo, it said in a statement to the Australian stock exchange. Westfield on Aug. 10 said it would buy a 50 percent stake in Sao Paulo-based mall owner Almeida Junior Shopping Centers SA.