Lowys sell out of Westfield Retail Trust The Lowy family's investment vehicle, run by the eldest son David, is looking to raise close to $665 million through the sale of the family's entire 7 per cent stake in Westfield Retail Trust. Broking house UBS has been instructed to sell 214.8 million securities in WRT, which is equal to 7 per cent of securities on issue at $3.09 apiece. It is currently being undertaken by way of a fixed price bookbuild. The sale comes only 24 hours after the co chief executives Steven and Peter Lowy reported an 18 per cent rise in net profit to $1.7 billion for the Westfield group's full year result. The spin-off Westfield Retail Trust, which has a 50 per cent stake in Westfield's Australian and NZ centres, reported a net profit of $830.8 million for the 2012 year, which was a drop on the $849.1 million a year earlier, due to a fall in some property valuations. Both groups said the results were amid a tough retail sales environment in Australia, which is being partially offset by a rise in sales in the United States and Britain. The Lowy family has extensive interests in a range of assets, and has been steadily selling down its direct holdings. In the parent group Westfield it holds about 8 per cent. Westfield Retail Trust was formed in December 2012 and owns a half share in Westfield's 54 shopping centres in Australia and New Zealand, worth about $12 billion. By separating the businesses, the Westfield Group wanted to focus on developing and upgrading existing centres across the globe, while the trust manages the Australian and NZ centres. Westfield Retail Trust's full year distributable earnings was $572.6 million, 2 per cent up on the previous corresponding period and in line with market expectations. The sale is timed with the 9.5 cent dividend on the WRT securities due to be paid today, so the family will get to keep its $20 million dividend.