Stat of the day: £871m

The amount paid for a 50% stake in Westfield's shopping centre opening on the site of the London Olympics

by Elizabeth Anderson
Last Updated: 09 Oct 2013
Westfield has sold a 50% stake in its Stratford shopping centre, due to open at the site of the London Olympics next Autumn. The stake has been purchased by Canada Pension Plan Investment Board and Dutch investor AGP (those well-known retailers) – while Westfield will own the other 50%. With the two hedge funds agreeing to pay £871.5m for the half ownership, it’s the biggest-ever shopping centre deal in the UK.   

Shopping centres seem to be the new black in London: last month saw the launch of One New Change, which may sound like a recent signing by Simon Cowell, but is actually a shopping centre targeting workers in the City. And let's not forget the opening of Britain's biggest shopping mall in Shepherd's Bush last year by the Sydney-based retail property group behind Westfield.  

Still, apparently there's room for one more: Westfield Stratford apparentlyy estimates that 70% of the anticipated 10 million spectators will pass through the shopping centre as they make their way to the Olympics site. The risk is what will happen after the Games finish – because if it's anything like the current Stratford shopping Centre, the results could be pretty grim...

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