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Westfield Corporation is one of the world’s largest listed property trusts with significant exposure around the world to the shopping centre market. Westfield group’s main exposure is in Australia, New Zealand, USA and the UK. With such a large presence around the world it has made the original founder, Frank Lowy, one of the richest men in Australia and even the world.
Westfield Corporation’s business activities include a range of diversifying activities including development, construction, design, leasing, funds management and asset management and marketing activities. In Australia the Westfield Corporation is the most dominant shopping centre conglomerate and nearly every Australian citizen would have been to at least one if not more of their successful shopping centres.
By mid-2008 Westfield Corporation had direct exposure and interests in 119 shopping centres around the world valued in excess of $60 billion Australian. This amazing diversification around the world comprises 44 centres in Australia, 55 in the United States, eight in the United Kingdom and 12 in New Zealand.
Westfield Corporation also has interests in some funds and asset management activities and manages assets on by halves of institutional and other investors under a joint-venture agreement.
During the economic upheaval of 2008, at Westfield Corporation’s share price managed to be one of the strongest performers in the market but unfortunately towards the end of 2008 the share price took a nosedive and managed to fall from $18 down to $11 in February 2009.