Westfield in negotiations to sell seven US malls to Barry Sternlicht’s Starwood Capital: Reuters

Shopping centre giant Westfield Group is reportedly in talks with US private investment firm Starwood Capital over a possible deal to sell seven of its US malls for in excess of US$1 billion.

A report on Reuters says the discussions are at an early stage.

In 2012, Westfield sold seven of its US malls to Starwood Capital, founded by US commercial property market king Barry Sternlicht for around $1 billion.

Westfield have not confirmed the talks.

Details of the discussions may be revealed at the Westfield AGM on May 29.

Westfield is looking to sell its non-core US assets to fund further mall developments in core markets.

Last month Westfield Group exited its troubled Brazilian joint venture, selling to their joint venture partner the Almeida Junior Family.

Earlier this year, Westfield entered into an agreement with O'Connor Capital Partners to form a US$1.28bn joint venture comprising a portfolio of six Westfield regional malls in Florida while disposing of its joint venture interest in Brazil.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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