Westfield Group is selling seven of its U.S shopping centres to Starwood Capital Group for approximately $1.75 billion.
The “non-core assets” that are being sold are Belden Village, Ohio; Capital, Washington; Franklin Park, Ohio; Great Northern, Ohio; Parkway, California; Southlake, Indiana; and West Covina, California.
“We are focused on redeploying our capital into superior retail destinations in major cities through divesting non-core assets and introducing joint venture partners into our high quality portfolio of assets,” Westfield Group co-CEO Peter Lowy said.
Starwood will own and manage the majority interest in the centres with Westfield retaining a 10 per cent common equity interest.
As a result of this sale, WDC will own and operate a portfolio of 40 centres in the U.S.