September 16th, 2013Westfield Sells US Shopping Mall Portfolio
Westfield Group, the world’s largest shopping mall operator by assets, has agreed to sell seven “non-core” U.S. shopping centers to an affiliate of Starwood Capital Group for $1.64 billion, as the company looks to redeploy their capital to assets with higher returns.
The properties involved in the sale total more than 7.9 million square feet. The portfolio includes three centers in Ohio, two in California and one each in Washington and Indiana. The transaction’s value is $120 million below the book value of the assets at the end of 2012, but are in line with the value at mid-year 2013, the company said.
The sale is part of the company’s strategic plan, Westfield Group co-chief executive Peter Lowy said in statement. – See more at: http://www.worldpropertychannel.com/north-america-commercial-news/westfield-sells-malls-westfield-group-starwood-capital-group-shopping-mall-operator-shopping-centers-retail-destinations-7354.php#sthash.eqrDDLBU.dpufContinue Reading »