Last month Mills Corp, which is troubled by accounting issues and a federal investigation, announced that it may be forced to sell part or all of the company under a revised credit agreement with lenders.

Lowy also used the opportunity to update investors on the market. He said Westfield's centers had not yet seen a large impact from higher petrol prices. But Lowry also warned that the retail environment could also be affected by higher interest rates.

"Like any other expense, it will be a factor to our position, but we have seen strong sales in our centres and we haven't really seen an impact from high petrol prices so far," Lowy said.

Earlier, the chairman told the annual meeting that he was confident the company could continue to achieve high income returns and capital growth for investors. Westfield is the world's largest shopping mall owner by market value. It has a portfolio of 128 shopping centers with 22,500 retail outlets spread between the United States, Australia, New Zealand the UK.

Mills Corp. is currently developing 108 N. State St. in Chicago. Plans for the development include approximately 400,000 sf of retail, entertainment and dining offerings; 200,000 sf to 450,000 sf of office space, a 200- to 300-room hotel, and a 200- to 300-unit residential tower.