Decision by Australian firms avoids potential bidding war for Chelsfield.

Australian shopping centre developer Westfield has teamed up with developer Multiplex and other investors to make a £585m joint bid for UK property firm Chelsfield.

The news follows Westfield’s lone £585 cash bid last week, which investors feared would trigger a bidding war between Westfield and Multiplex.

The joint bid will be worth £2.1bn once Chelsfield’s debt is taken into account, with Westfield investing £1.2bn and Multiplex and Aldersgate putting in £450m each. Multiplex already owns 5.8% of Cheslfield while Aldersgate, an investment vehicle for David and Simon Reubens, has a 34% stake.

Owners of 24% of Chelsfield said they would sell their stake to the joint bidders if the offer was made before next Monday.

Westfield said the takeover would increase its portfolio of shopping malls from seven to nine including White City in London, which Multiplex is currently building.