Westfield Group, the world’s largest owner of shopping centres, said property values in the US, UK, Australia and New Zealand markets have reached their low and the company doesn’t need to sell shares to raise capital.

'We think asset values have probably bottomed out, and should stabilize from here on,' Managing Director Peter Lowy said in a phone interview with Bloomberg Television. “When you look at our forward capital needs, we believe we can fund them easily from our own sources.”

Westfield shares gained 4.7% to close at A$13.03 after the company announced today that first-half operating profit rose 12% to A$1.04bn ($870m).