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Scentre Falls as Westfield Corp. Rises on Trading Debut

Westfield chairman Frank Lowy
Billionaire Frank Lowy, co-founder and chairman of Westfield Group. Photographer: Brendon Thorne/Bloomberg

June 25 (Bloomberg) -- Scentre Group, the Australasia-focused mall operator created from the restructure of Westfield Group and its property trust, fell in its Sydney trading debut. Westfield Corp., the company that will run the global operations, rose.

Scentre shares, which opened at A$3.21, ended its first day of trading at A$3.08. Westfield Corp. securities closed at A$7.05, up from their opening price of A$6.70. The benchmark S&P/ASX 200 index slipped 0.6 percent.

Shareholders of both Westfield Group and Westfield Retail Trust over the past four weeks approved billionaire Frank Lowy’s plan to merge the group’s Australian and New Zealand operations with the retail trust to create the self-managed Scentre. That allowed Westfield Corp. to operate the global business and capitalize on faster sales growth in the U.S. and U.K., and consider a listing outside Australia in future.

Westfield Retail Trust shareholders will receive 918 Scentre shares and A$285.3 for every A$1,000 of their securities. Those who hold retail trust shares as of June 27 will also get a distribution estimated at 10.2 Australian cents a share for the six months to June 30, the company said June 23.

Westfield Group’s equity investors get 1,000 shares in Westfield Corp. and 1,246 shares in Scentre Group for every 1,000 securities held. They will also receive a half-year dividend of 26.25 Australian cents, the company said June 24.

Westfield Retail shares closed at A$3.28 yesterday, their last day of trading, which implies a price of A$2.9855 excluding the cash payout to shareholders. Westfield Group securities ended the day at A$10.84.

To contact the reporter on this story: Nichola Saminather in Sydney at nsaminather1@bloomberg.net

To contact the editors responsible for this story: Andreea Papuc at apapuc1@bloomberg.net Iain McDonald, Tomoko Yamazaki

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