A few months ago in a note titled “Frank-ly, you should give a damn”, I recommended to our Westfield Retail Trust (WRT) shareholders that they should vote “yes” in favour of the demerger. That vote scraped over the line.
I ended that note with “Through time, co-investing with the Lowy’s in various Westfield entities has made our clients a lot of money. It’s been a great ride and one I encourage you to continue.”
Fast forward to today and the “yes” vote recommendation has been vindicated, with the demerged entities, WFD and SCG, having a combined market cap of $35b, or +$4.5b in demerged value creation for the shareholders of the former Westfield Group and Westfield Retail Trust.