(Updates with closing share price in fifth paragraph.)
June 29 (Bloomberg) -- Westfield Group plans to start a 1 billion pound ($1.6 billion) redevelopment at a site it owns in London’s White City area adjacent to its shopping center, as it boosts its pipeline for projects amid a recovery in sales.
The company is now seeking public feedback on plans for the redevelopment, which will include 1,700 homes and about 48,000 square meters (516,668 square feet) of retail space, the world’s biggest shopping center operator by market value said in an e- mailed release.
Westfield in May upgraded its development-starts forecast for 2012 and 2013 as sales improved, and the spinoff of Westfield Retail Trust enabled the company to focus more on new projects. The company is planning a “sizeable expansion” of Westfield London, co-Chief Executive Director Steven Lowy said at the time.
Westfield London’s revenue jumped almost 20 percent in the first quarter, compared with a 0.9 percent rise in U.K.’s retail sales. The mall, which opened in October 2008, a month after the collapse of Lehman Brothers Holdings Inc., said sales last year climbed 19 percent, exceeding those at the company’s other shopping centers in the country.
Westfield shares climbed 0.1 percent to A$8.67 at the 4:10 p.m. close of trading in Sydney.
Westfield will display plans for the development for public consultation on July 8, 9 and 11, the company said. The land is currently used as access roads for parking, service yards and warehouses, it said.
While the development will be completed in stages, its present value is about 1 billion pounds, the Sydney-based company said.
Westfield will in September open the Stratford City shopping center, Europe’s largest urban mall, close to the main site of the 2012 Olympics.
--Editors: Linus Chua, Malcolm Scott
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