Global shopping mall giant Westfield on Wednesday announced plans to split its Australian/New Zealand and international businesses.
In a statement released to the Australian share market on Wednesday, Westfield said its Australian/NZ business will be merged with Westfield Retail Trust (WRT) to form a new company called Scentre Group.
The international business of Westfield Group will become Westfield Corporation, Westfield said.
The two new companies will be listed on the Australian Stock Exchange and the Westfield brand will be maintained on their shopping centers.
"Westfield's international business and its Australian/NZ business have both grown in scale and quality to the stage where they can now stand on their own," Chairman of Westfield Group Frank Lowy said in the statement.
Lowy will become chairman of both companies.
"Our current structure has served us well, but we believe that this new structure will create more value for investors going forward," Lowy said.