Frank Lowy's Westfield Corporation intends to take another step in cutting ties with Australia by shifting its head office overseas, once an offshore stock market listing is finalised.
The company is entirely focused on shopping malls in the United States, Britain and Europe, with all Westfield-branded centres in Australia and New Zealand having been spun off into a separate entity known as Scentre Group.
Westfield Corp chairman, billionaire Frank Lowy, indicated on Thursday the company would move its Sydney head office overseas.
He said the exact location of the new headquarters would depend on where Westfield Corp was listed overseas, a decision that's due in the next 12 months.
"We have made it clear at the time of the restructure that ... we are intending to get listing elsewhere and the details have not been fully worked out, it's a very complex issue," Mr Lowy told the company's annual general meeting.
"There will be no solution, until there is listing, as to where head office and administration will be."
Offshoring the company's head office will further reduce Westfield's 55-year corporate links with Australia.
The iconic shopping centre developer began with two developments in Sydney's western suburbs, and was first listed on the Australian stock exchange in 1960.
Ahead of the controversial split of Westfield's malls in mid 2014, many investors were concerned about the growth prospects for Scentre compared to the internationally-focused Westfield Corp.
But Mr Lowy said the restructure had generated big value for shareholders.
"Since the restructure was announced in December 2013, the total investment return for Westfield Group security holders has been 45 per cent, almost three times the performance of the broader market," he said.
The AGM coincided with Westfield Corp announcing a 5.7 per cent lift in first quarter specialty retail sales.
The result was driven by a 6.3 per cent increase in sales at the group's flagship centres, during the March quarter.
Westfield Corp is focused on rolling out flagship properties across the US, Europe and UK, with its development book worth $11.4 billion.
It's much-anticipated $1.4 billion mall inside New York City's new World Trade Center is expected to open in late 2015, and is 99 per cent leased.
At the meeting, the company also defended retaining both Peter Lowy and Steven Lowy as co-chief executives of Westfield Corp after suggestions from the Australian Shareholder's Association that it was a waste of money.
"Why do we need two very highly paid CEOs when virtually all other companies of a comparable size manage with only one CEO?" ASA's John Nesbitt put to Frank Lowy.
Mr Lowy said while it was possible to have only one chief executive, "the real question is how much less money we would make for you".
Westfield shares were 13.5 cents higher at $9.335 at 1506 AEST.
