Mega-mall owners Frank Lowy and his sons, co-chief executives Peter and Steven, have increased their stake in the family company, Westfield Corporation to 9.5%. They bought 23.77 million shares for $177.3 million. The father and sons team recently sold their 7% stake in Westfield Group’s sister company, Westfield Retail Trust (renamed to Scentre) for $665 million. The sale comes after the family recently restructured their $70 billion mall empire.
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The company owns malls in the U.S. and Britain and may expand into Italy and Latin America.