In terms of value, reports put Westfield's gain at 43% of the total Rodamco portfolio, while Simon and Rouse garner 30% and 27% respectively. Many of the properties flipped in the sale are expected to be shed once the deal is finalized sometime in this quarter. Presumably those sales will be based on performance and alignment with the new owners' growth strategies. Top performers in the portfolio garner sales topping $450 persf and are 93% occupied.
Among the trophy properties in Simon's take are Boston's Copley Plaza and partial ownership of Houston's Galleria Mall. Included in Rouse's gains is a partial stake in the Century City Shopping Center in LA.
Simon and Rouse each own four of the portfolio assets in joint ventureswith Rodamco, and Westfield owns one of the assets in a Rodamco JV. Each of the companies will acquire the remaining ownership interests in its existing joint venture assets. The rest of the portfolio has been split based on market presence and "other strategic considerationsof the three companies," according to a statement.
The three companies will own the remaining assets jointly. These include athird-party property management company, a New York office building and investments in three real estate operating companies.
According to published reports, once the sales are completed the company will be liquidated. Months ago, Westfield took a run at a hostile takeover of Rodamco, but was blocked from bringing in its own management team.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
