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Westfield urged to bid for Hammerson

Published:  15 May, 2012

Analysts talk up logic of bid for Anglo-French portfolio

According to reports in The Australian, Westfield is being urged by Sydney-based analysts to prepare a bid for Hammerson.

In a brokerís note independent brokerage CLSA said Australian companies should exploit the strength of the Australian economy to acquire overseas businesses that are still trading at a heavy discount. And analyst John Kim is reported as saying there is a "compelling case" for Westfield to buy Hammerson.

Westfield has already signalled its intention to expand into Continental Europe by launching a scheme in Milan, and Hammersonís portfolio of French shopping centres would give it critical mass on the mainland.

At the same time acquiring Hammerson would unlock the million-sq ft redevelopment of the Whitgift Centre in Croydon, Where Westfield has been selected as development partner by the freeholder, but Hammerson has the backing of the leaseholders.