News - Midlands
Westfield puts block on Broadmarsh redevelopment
Westfield, the owner of Nottingham’s Broadmarsh and the largest shopping-centre owner in the world, has once again said it won’t be starting on any new developments this year, after it posted losses of £261.6m in 2009. The loss was caused by property valuation write downs, but Westfield has seen losses drop from a massive £1.25bn in 2008. A statement from the company said: “Redevelopment remains a major component of our long-term value-creation activity, and we will continue to invest in the predevelopment of our high-quality opportunities in order to be in a position to commence these projects when market conditions are appropriate.”