Westfield sells eight US shopping centres for US$1.54 billion
Westfield Group has sold eight shopping centres in the United States for $US1.54 billion ($1.49 billion).
A majority interest in seven of the centres were sold to Starwood Captial Group, which will manage and control the centres, with Westfield retaining a 10% stake.
The eighth property, Eastland in California, was sold in a separate transaction for $US147 million.
The Westfield announcement said the transaction values were “approximately equal with the current book value”.
Proceeds will be used to pay down debt, then reinvested in the US, including in the World Trade Center in New York, Westfield says.
Westfield Group announced at its annual results in February that it would sell assets in the US and Britain and launch a $2 billion share buyback.
The divestments are expected to have an annualised dilutionary impact to the group’s funds from operations of about 2¢ per security, prior to the redeployment of capital and the impact of any buy-back of WDC securities.
The group’s forecast distribution for the 2012 year of 49.5¢ per security remains unchanged.
