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Westfield Agrees to $1.1B US Mall Sale

SYDNEY-Starwood is buying a majority interest in seven centers, with another, Eastland, being sold in a separate transaction. The sale will go toward debt and projects such as the WTC.

By Robert Carr | Updated on April 18, 2012

SYDNEY-Locally based Westfield Group is continuing a massive sell-off to raise capital. The company confirmed it is divesting eight US shopping centers for $1.1 billion, mostly in a sale of majority interests in seven of the properties to Stamford, CT-based Starwood Capital Group.

In February, Westfield said it planned to sell 15 properties in the United States and United Kingdom for $5.4 billion. Peter Lowy, co-CEO, said the sales will help pay down corporate debt and then be redeployed in redevelopment opportunities in the US, including the World Trade Center site. “We have previously flagged the potential divestment of non-core assets in the United States, and this transaction is an important step in the repositioning of our portfolio to major retail assets with strong franchise characteristics,” he said in a statement today.

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