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by Justine Griffin

Sarasota, FL – Westfield Group has sold a half-interest in six of its Florida malls — including its Sarasota Square and Southgate properties — to a New York-based real estate company.

O’Connor Capital Partners’ 49.9 percent interest in the malls is valued at $1.3 billion, the retail operator said in a statement.

Australia-based Westfield will gain $700 million in net proceeds from the transaction.

Analysts said the sale could signal that the mall developer is preparing to redevelop the properties with the injection of fresh capital.

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