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Westfield to try hand at build-to-rent sector with London apartment project

Westfield Corp. CEO Steven Lowy nominated more than 1,100 apartment units at the shopping center giant's Stratford City development in London for the company's build-to-rent initiative, The Australian reported.

Lowy was quoted in the publication's Oct. 12 report as saying that the company is seeking potential third-party investors who will support the project at Stratford City shopping center, where the developer has permission to build upward of 1,100 apartments.

The development will also mark Westfield's first major foray into the British capital.

Stateside, the Australia-listed company's mall-apartment integration is also being carried out at the UTC shopping center site in San Diego's University City, where a US$200 million apartment tower is being constructed.

According to the publication, the UTC joint venture project with JPMorgan is also part of the company's build-to-rent scheme. When the project is completed in 2019, it will feature about 300 apartment units spread over 23 levels.

Back to the U.K., Westfield earlier secured permission to respectively develop 1,500 and 1,000 apartments at its malls in London and Croydon, on top of its Stratford City development. Lowy told The Australian that Westfield also has the opportunity to build 5,000 to 6,000 apartment units within its land bank in the U.S.