New York's Westfield World Trade Center 70% pre-leased
The $1.425 billion Westfield World Trade Center in New York continues to make good progress, now over 70% pre-leased.
The landmark project is expected to open in late 2015. Its aim is 150 global brand tenants.
Westfield, together with the Port Authority of New York and New Jersey, is developing a 365,000 square foot shopping and dining complex in Manhattan’s iconic World Trade Center.
The project will feature multiple levels including the WTC Transportation Hub and concourses that run throughout the entire World Trade Center site in Lower Manhattan.
The development leasing is being overseen by David Ruddick who sits on the Global Leasing Committee of Westfield.
His experience in the shopping center industry extends over 25 years, having led leasing in Westfield Sydney. He has also headed the leasing of Westfield Brazil, and held senior roles in London and Italy.
It was 2011 when the Port Authority of New York and New Jersey struck a deal with shopping centre operator Westfield which won the rights to redevelop that retail in mid-2001 but sold its stake in the property back to the Port Authority after the terrorist attack.
The New York leasing advisory was contained within today's half year announcements which indicted the newly formed company outlook and forecasts are consistent with the information contained in the security holder booklet for the recent restructure.
Westfield Corporation was formed on 30 June 2014, following the restructure of the Westfield Group.
“We are very pleased with the performance of both Westfield Corporation and Scentre Group since the announcement and completion of the restructure," Westfield Corporation chairman Frank Lowy said.
"As of today, with the new entities combined market capitalisation of approximately A$35bn, the restructure has created A$4.5bn of value for the shareholders of the former Westfield Group and Westfield Retail Trust.”
WFD has assets under management of $27.7 billion, with balance sheet assets of $19.2 billion and a gearing ratio of 35.1% at 30 June 2014.
WFD’s portfolio of 40 shopping centres in the United States and United Kingdom has a strategy to focus on creating and operating iconic assets in major markets that deliver great experiences for consumers and retailers.
"We aim to achieve this with an increased focus on digital technology and by bringing together the best of fashion, food, entertainment and leisure.”
WFD’s portfolio achieved comparable net operating income growth of 5.3% for the six months ending 30 June 2014.
WFD’s flagship portfolio of 11 centres representing 66% of the total portfolio (by value), achieved comparable net operating income growth of 5.5% for the six month period. WFD’s Regional portfolio of 23 centres representing 30% of the total portfolio (by value), achieved comparable net operating income growth of 5.0%.
Portfolio specialty sales productivity was $681 per square foot with comparable specialty retail sales up 4.2% for the year ending 30 June 2014. The flagship portfolio achieved specialty retail sales of $954 per square foot, up 5.8% with the Regional portfolio achieving specialty retail sales of $467 per square foot, up 2.1%.
“Specialty sales performance in our flagship portfolio is pleasing. We continue our focus on investing in high quality assets, introducing a diverse range of global retailers in our portfolio and, through Westfield Labs, digital innovation,” Steven Lowy said.
At 30 June 2014, the portfolio was 94.4% leased, slightly up from June last year, with the flagship portfolio at 95.9% leased and the regional portfolio at 93.1% leased.