Australia's Westfield Group has launched its most ambitious project to date in East London, the £1.8 bn (EUR 2.1 bn) Westfield Stratford City retail project.

The 1.9 million sq ft (176,000 m2) development, serving a catchment area of over 4 million people, was officially opened by the Mayor of London, Boris Johnson, together with Westfield Group Chairman, Frank Lowy. The scheme will be the gateway to the London 2012 Olympic Park and is the largest urban shopping centre in Europe.

It is owned by a partnership of Westfield (50%) and APG of the Netherlands and Canada Pension Plan Investment Board, jointly owning the other 50%.

Westfield Stratford City is anchored by John Lewis, Marks & Spencer and Waitrose stores, a 17-screen Vue cinema, and the UK's largest casino operated by Aspers. With 250 shops plus 70 restaurants, it also includes three hotels and 130,000 sq ft of office space which is the first phase of a total of 1.1 million sq ft office precinct and 1,200 residential dwellings which are expected to be developed after the 2012 Olympic Games.

Lowy said: 'We are immensely proud of this world-class shopping centre which is the culmination of over 50 years' experience and firmly cements our position in the UK market which we entered just over 10 years ago. The project has been delivered on time, on budget and over 95% leased at opening.'