A new playbook for real estate dynasties

The Lowy family built Westfield into a real estate giant but are opting to sell and step aside rather than pass it down to the next generation

By Peter Grant | The Wall Street Journal

Australia’s Lowy family, which built Westfield Corp. into one of the world’s largest shopping center owners, resembles other global real estate dynasties in many ways but not when it comes to the critical question of maintaining control.

“Westfield always was dominated by the family, but it was never meant to be one of those dynasties to be handed down,” Peter Lowy, Westfield’s co-chief executive, said in an interview.

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