shopping centre group . for the current operators in australia and new zealand see scentre group . for the current operators in europe and the us see westfield corporation . a major contributor to this article appears to have a close connection with its subject . it may require cleanup to comply with wikipedia s content policies particularly neutral point of view . please discuss further on the talk page . july 2015 learn how and when to remove this template message westfield group . former type public traded as asx wdc industry real estate investment trusts genre shopping malls lifestyle centres successors scentre group westfield corporation founded 1960 ; 56 years ago 1960 founder john saunders frank lowy defunct 2014 ; 2 years ago 2014 headquarters los angeles california united states number of locations united states united kingdom italy croatia key people peter s. lowy co ceo steven m. lowy co ceo revenue us 833 million 2014 operating income us 391 million 2014 net income us 461 million 2014 total assets us 28.5 billion 2014 number of employees 2 000 2014 1 website westfieldcorp.com westfield group was an australian shopping centre company that existed from 1960 to 2014 when it split into two independent companies scentre group which now owns and operates the australian and new zealand westfield shopping centre portfolio ; and westfield corporation which owns and operates the uk europe and us portfolio . 2 westfield group undertook ownership development design construction funds asset management property management leasing and marketing activities . the multinational company was listed on the australian securities exchange and had interests in and operated one of the world s largest shopping centre portfolios with investment interests in 103 shopping centres across australia the united states the united kingdom new zealand italy croatia and brazil encompassing around 23 000 retail outlets and total assets under management in excess of a 63 billion . 3 contents 1 history 2 operations 2.1 australia 2.2 united states 2.3 new zealand 2.4 united kingdom 3 relationship with tenants 3.1 relationship with competition 4 see also 5 references 6 external links history edit the westfield group had origins in the western suburbs of sydney . the first development was named westfield place and opened in july 1959 in blacktown . 4 the name westfield is derived from west related to the west sydney location and field due to having located on subdivided farmland . the centre was opened by john saunders and frank lowy . 4 the company was floated on the australian stock exchange in 1960 and built another five centres in new south wales before expanding into victoria and queensland in 1966 67 . 5 the expansion into the united states began with the purchase of the trumbull shopping park in connecticut in 1977 and was followed by three centres in california michigan and connecticut in 1980 and three centres in california new jersey and long island new york in 1986 . 5 in 1994 westfield joined together with general growth and whitehall real estate to purchase 19 centres for us 1 billion . westfield seems to form clusters of centres on particular cities or within a small number of states . they built considerable holdings on the east coast and in california before expanding in the mid west . by 2005 the company owned centres in 15 us states . 5 in the 1990s westfield began a major expansion to new zealand where they mostly bought existing shopping centres of the fletchers company progressively rebranding them . only in 2007 with westfield albany has the company opened a fully new centre in the country . 6 in april 2012 it was announced that the westfield group would sell seven non core property assets to starwood capital group for a 1 billion and one other property to an undisclosed buyer for a 147 million . the funds would be used to repay debt and invest in businesses offering higher return . the sales were expected to be completed by mid 2012 . 7 operations edit main article list of westfield group shopping centres westfield had when interests in total assets worth a 58 billion owning 119 shopping malls in four countries australia new zealand the united kingdom and the united states with over 10 million square metres of retail space . despite the westfield group s asset dimensions the westfield group was strongly controlled by the lowy family group including non executive chairman frank lowy one of its founders . 8 lowy s two younger sons steven and peter were joint managing directors . australia edit main article list of westfield group shopping centres in australia having been established in australia with their original premises being at blacktown the westfield group continued to operate a large number of shopping centres in australia . united states edit westfield entered the united states market in 1977 . in september 2003 the company received 17.3 million as a party in the insurance claim following the terrorist attack on the world trade center . 9 on 18 february 2006 the los angeles times reported that westfield had agreed to acquire 15 stores from federated department stores all but three in southern california . 10 as of 2014 westfield owned 38 malls in the united states . 11 new zealand edit westfield entered the new zealand market in 1997 and acquired an interest in the st. lukes group portfolio in 1998 . westfield malls were by far the most numerous chain in new zealand with 6 of its 11 centres in auckland including their largest development located in albany . westfield had nz 2.8 billion in assets under management in new zealand 12 in mid 2012 westfield sold its 50 % share of westfield shore city in takapuna on auckland s north shore 12 now known as shore city shopping centre . the group reportedly also had three of its smaller malls ; pakuranga glenfield and chartwell in hamilton up for sale . 12 united kingdom edit as of 2014 before westfield corporation was created westfield had an interest in two shopping centres in england and northern ireland . by far its most significant asset was westfield s 50 % partnership 13 in the 1.6 b 14 westfield london development in shepherd s bush west london . the development included the construction of a new railway station for the london overground and southern services and a new entrance for the london underground station . westfield owned the westfield stratford city and also controlled the stratford city redevelopment project next to 2012 olympic park in stratford in east london having acquired the 75 % of the project that it did not already own . 15 westfield was the developer behind the troubled broadway shopping development in bradford after acquiring stannifer in 2004 . 16 on 9 october 2007 westfield opened the 340m extension and refurbishment of derby s eagle centre which saw the shopping centre rebranded westfield derby . 17 the centre was subsequently sold to intu in 2014 . 18 westfield were reviewing plans with the whitgift foundation to rebuild the whitgift centre in croydon in south london . 19 full citation needed relationship with tenants edit the australian competition and consumer commission investigated several disputes between the westfield group and its tenants . in 2004 the commission found westfield was abusing its market and commercial power in settling disputes with tenants and forced westfield to formally undertake to not engage in unconscionable conduct and intimidation of tenants . 20 also in australia westfield fee structures and policies were criticised by retailers who operated in centres that had been taken over by the company . retailers suggested that when centres were acquired there should be more cooperation between the new operators and existing tenants in bringing shops up to the corporate standards of the westfield group and increases in rent required to operate a shopping centre with high standards of fittings and services should be staged with the required improvements in fittings . 21 relationship with competition edit main article orange grove affair in liverpool australia in 2002 a competing shopping centre was lodged to liverpool council and subsequently built . the centre would be about 3 kilometres from westfield liverpool . see also edit australian real estate investment trust vicinity centres lend lease corporation list of shopping centres in australia shopping property management firms stockland references edit http 3e2rn51w31w0f6cvh1jkh9u48z . wpengine.netdna cdn.com wp content uploads 2015 02 wfd annual fin report 2014.pdf http www.westfieldcorp.com news announcements westfield group welcomes westfield retail trust approval of restructure to form scentre group the westfield group s shopping centre portfolio is one of the largest in the world . press release . westfield group . retrieved 2 february 2013 . a b westfield history pdf . about us . p. 14 . retrieved 5 january 2007 . chapter ignored help a b c sammartino andr ; van ruth frances 2007 . the westfield group . in dick h. ; merrett d. the internationalisation strategies of small country firms the australian experience of globalisation . cheltenham uk edward elgar . pp. 308 318 . gibson anne 23 august 2007 . countdown under way for albany supermall rollout . new zealand herald . saminather nichola 18 april 2012 . westfield sells 7 u.s. malls to starwood for 1 billion . bloomberg . retrieved 18 may 2012 . cite news author cummins carolyn title frank lowy gives himself a 1.3 m pay rise url http www.smh.com.au articles 2004 09 23 109565146 9397.html work the sydney morning herald date 24 september 2004 accessdate 28 november 2006 westfield wants out of world trade centre site . the sydney morning herald . 5 september 2003 . roger vincent 18 february 2006 . deal to open up shopping malls . los angeles times . archived from the original on 15 september 2008 . http corporate.westfield.com properties us a b c gibson anne 29 june 2012 . westfield sells auckland s shore city mall . the new zealand herald . retrieved 11 august 2013 . property portfolio london . westfield group . 2008 07 18 . retrieved 2008 07 18 . a new icon in uk retail westfield london pdf press release . westfield group . 18 september 2006 . retrieved 2006 11 30 . westfield to control 100 % of stratford city major east london regeneration project press release . westfield group . 2006 06 13 . retrieved 2006 12 04 . kilner will 29 september 2006 . broadway construction will start in new year . bradford telegraph and argus . retrieved 4 december 2006 . walsh david 30 november 2006 . the eagle is grounded . derby evening telegraph . retrieved 2006 11 30 . johnson robin 20 march 2014 . westfield derby shopping centre sold to intu for 390m . derby evening telegraph . retrieved 2014 07 04 . westfield unveils plans for croydon shopping centre . bbc news . 4 july 2012 . hughes anthony 18 june 2004 . westfield promises not to bully . the sydney morning herald . retrieved 4 december 2006 . westfield fees force business closure . abc news . australia . 30 september 2006 . retrieved 28 november 2006 . external links edit wikimedia commons has media related to the westfield group . official website v t e business in australia institutions australian competition and consumer commission australian corporate law australian prudential regulation authority australian securities and investments commission australian takeovers panel constitution of australia 1901 cth corporations power economy of australia stock exchange australian securities exchange s & p asx 20 s & p asx 50 s & p asx 200 s & p asx 300 chi x business associations australian chamber of commerce and industry australian hotels association australian industry group business council of australia consult australia minerals council of australia national farmers federation s & p asx 50 companies alpha sorted agl energy amcor amp apa asciano aurizon anz asx bhp