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Westfield Group Acquires 15 Federated Sites

CINCINNATI-The Australia-based retail investor is acquiring 15 Federated department stores at 11 US Westfield shopping centers. Under two separate transactions, the acquisition will be finalized by Q2 2006.

By Dana Dubriwny | Updated on February 17, 2006

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CINCINNATI-In two separate transactions, Aussie retail investor Westfield Group is acquiring 15 Federated department stores sites at 11 Westfield shopping centers in the United States. One agreement involves a tax-deferred like-kind exchange of 12 stores in Westfield’s portfolio for 12 stores in Federated’s portfolio currently owned by Westfield and leased to Federated. These stores were originally acquired by Westfield as part of the CenterMark transaction in 1994. The current annual income from the sites is $7.88 million.

The remaining three stores will be purchased by Westfield for $18.5 million in a separate purchase and sale agreement. The transactions are expected to be completed in the second quarter of 2006.

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