Westfield, the world's largest shopping centre manager, has been forced to cut its dividend forecast for the 2009 year.

The group, which has a December 31 balance date, warned today that while it will make its 106.5 cents per security payment for 2008, its operations earnings per security and distribution is likely to be closer to between 97 cents and 100 cents for the current year.

Further spooking investors, was the warning that the retail landlord will take a cut of about $3 billion in its assets value due to the weaker market, particularly in the United States.

The Age