Westfield sweetens local split plans

Westfield Group has altered its planned split of Australian and NZ assets from its global business. Source: AAP

SHOPPING centre giant Westfield Group has sweetened its plan to split its Australian and New Zealand assets from its international operations.

Westfield's Australian and New Zealand assets, which includes 47 shopping centres, are set to merge with Westfield Retail Trust, a joint owner of the Australian shopping centres.

The merged entity will be called Scentre Group, and under new changes to the proposal, Scentre Group will now carry $300 million less in debt than originally planned.

Westfield chairman Frank Lowy said key investors supported the merger, but the new debt arrangements were made to address some concerns raised.

Security holders are due to vote on the split on May 29.

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