Westfiled Sold Five Mall US malls to Investment Group
December 21st, 2015
Australian Stock Exchange- listed Westfield sells five malls in US for USD1.1 billion to continue focus on core assets development. The ASX-listed commercial property developer sold five malls including Connecticut Post based in Connecticut, Fox Valley located in Illinois.
Westfield sold the five malls to the investor group joint venture comprising Centennial Real Estate Company as managing member, together with Montgomery Street Partners, and USAA Real Estate. Combined with the recent divestment of Carlsbad, Westfield will realise approximately USD 1bn in net proceeds from the transactions. Westfield Corporation will retain a 20 percent non-managing common equity interest.
Westfield said the asset divestment is in line with its strategy to focus creating and operating core assets in while diversify away from non-core assets. Westfield's current project includes the World Trade Center New York, Westfield Milan Italy.
Westfield's Shopping Center Project in Milan Italy