Westfield Group is to split its Australian and New Zealand shopping centre assets from its international business as it continues to look for growth overseas.
AAP reports Australasian assets will be merged with the Westfield Retail Trust, which was spun off from the main company in 2010, to create a new company know as Scentre.
Chairman Frank Lowy on Wednesday said splitting the Australian and New Zealand portfolio from the international business would allow both companies to better pursue their own strategic goals.
"Westfield's international business and its Australian/NZ business have both grown in scale and quality to the stage where they can now stand on their own," Mr Lowy said.
"They can each operate more efficiently, and generate greater growth and value for investors, by being independent."
The new Scentre business is expected to list on the Australian Securities Exchange next year and the international business will trade as Westfield Corporation.
Scentre will include more than $A28.5 billion worth of assets and a development pipeline of more than $3 billion.
Westfield Corporation will own more than $US17.6 billion worth of shopping centres in the United States, Britain and Europe, and a future development pipeline of more than $US9 billion.
Mr Lowy will become chairman of both entities.