Westfield sells half interest in six Florida malls for US$1.28 billion

Westfield  Group  has sold half of its interest in six Westfield regional malls in Florida to O’Connor Capital  Partners for US$1.283  billion. 

O’Connor’s investment will represent a 49.9% interest in this portfolio, which has a gross value of US$1.283  billion.  

Westfield will remain as property, leasing and development manager on terms consistent with the Group’s other joint ventures. 

“This agreement carries on the Group’s strategy of introducing joint venture partners into our assets globally as well as disposing of non-core assets,” says Westfield Group co- chief executive officer Peter Lowy. 

Westfield will realize approximately US$700 million in net proceeds from the transactions. 

The transactions are subject to financing and other customary closing conditions and are expected to close in the second quarter 2013. 

Founded in 1983, O’Connor Capital Partners is a privately held, independent manager, owner, operator and developer of real estate.