Westfield and LaSalle Investment Management have agreed an AS$1.48bn (£608m) joint venture at Westfield’s 1.3m sq ft retail scheme in Doncaster, Melbourne.

LaSalle’s Asia Property Fund has acquired a 50% stake in the scheme for AS$738 (£303m). Westfield Doncaster is currently undergoing redevelopment, with completion scheduled for the end of 2008.

LaSalle will make progressive payments over the next 18 months to fund the redevelopment.

Upon completion the shopping centre will be valued at a yield of 4.7%.

The scheme will feature department stores Myer and David Jones, supermarkets Coles and Safeway, and discount department stores Big W and Kmart.