Shopping centre giant Westfield Group to split Australian arm from international operations Westfield Group chairman Frank Lowy. SHARES in shopping centre giant Westfield Group have surged after it announced plans to split its Australian and New Zealand arm from its international business. The group will merge its Australian business with Westfield Retail Trust to form a new listed company called Scentre Group. Its international business will become Westfield Corporation. Shares in Westfield Group rallied in the wake of the announcement this morning. In early trading, they were up 6.3 per cent to $11.01. Westfield Retail Trust itself was hived off from Westfield Group in 2010 as a listed entity to run nearly 50 of the group's Australian and New Zealand shopping centres. Westfield Group chairman Frank Lowy will become chairman of both new entities. "Westfield's international business and its Australian and New Zealand business have both grown in scale and quality to the stage where they can now stand on their own," Mr Lowy said. Our current structure has served us well, but we believe that this new structure will create more value for investors going forward. The proposal is subject to approval by Westfield Group and Westfield Retail Trust investors, with meetings expected to be held in May. If successful, the separation and public listing are expected to start in mid-2014. Westfield Retail Trust shares were up 3 per cent in early trading at $3.09.