Stratford City shopping centre, one of the super-duper developments in East London, right next door to Olympic Stadium, has just been half sold, bringing a A$490 million development profit to the developers,Westfield.
The buyers are Canadian & Dutch pension funds.
This sale has been said to be another sign of London’s importance in attracting large capital inflows to Britain.
Well yes, it will provide employment & more consumer-led growth to the economy, but Westfield (an Australian company) have realised a nice speedy return of their money which can now be invested elsewhere, & are said to be considering expansion in Europe.
And half the future profits will go to paying Dutch & Canadian, not UK pensioners.
