By Gavin Lower
MELBOURNE--Shopping center developer Westfield Group (WDC.AU)
said Monday it will receive about US$700 million from the sale of
stakes in six Florida malls to U.S. real estate firm O'Connor
Capital Partners.
Westfield said O'Connor will take a 49.9% interest of the
portfolio, which has a gross value of US$1.28 billion.
The Australian company has been selling stakes of its
more-established assets to raise capital for its expansion into
fast-growing markets such as Brazil, and investments in larger
developments such as the retail wing of the World Trader Center
under construction in New York.
"This agreement carries on the group's strategy of introducing
joint venture partners into our assets globally as well as
disposing of non-core assets," said Westfield Group Co-Chief
Executive Officer Peter Lowy said in a statement.
Westfield said the deal was subject to financing, but was
expected to be finalized in the second quarter of 2013.
Write to Gavin Lower at gavin.lower@wsj.com
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