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Published: Saturday, 8/13/2011

Westfield spends $163M for mall site in Italy


SYDNEY -- Westfield Group is making its first venture into Italy, spending $163 million for a half share of a site in the fashion center of Milan that will be developed into a massive shopping mall.

The move was announced two days after Westfield bought into South America for the first time by paying $455 million for a 50 percent stake in Brazilian mall owner Almeida Junior Shopping Centers.

Westfield said the Milan site “has planning approval to develop a world class iconic regional shopping center similar in scale and quality to Westfield London.”

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