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BRIEFLY

September 24, 1987

Westfield Holdings Limited of Sydney, Australia, one of Australia's largest property developers, announced that it will transfer its overseas shopping center interests into a new North American company, Westfield International Inc. Frank Lowy, chairman, said: "With the establishment of Westfield International, we now have two comparable shopping center businesses--one in Australia with 20 shopping centers owned and managed by Westfield Holdings, and the other headquartered in Los Angeles that owns and manages seven regional U.S. shopping centers, valued at about $850 million, and located in Connecticut, New Jersey, New York and California."

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