(From Canberra Times)

The Westfield Shopping Group is increasing its stake in Canberra shopping malls with a $262 million deal to acquire 50 per cent of Woden Plaza Shopping Centre from General Property Trust.

One of the four biggest commercial building assets in Canberra - along with Westfield Belconnen, which is already owned by the group, the Tuggeranong Hyperdome and Canberra Centre Woden Plaza is an outstanding shopping centre and worth the premium price, according to Westfield's corporate affairs manager, Matthew Abbott.

Colliers state chief executive Paul Powderly said the deal would be the biggest of its kind in Canberra in 15 years and reflected the confidence Westfield had in the territory. The agreement, one of three involving GPT shopping...