Westfield sells stake in Florida portfolio to fund expansion
Australian shopping centre specialist the Westfield Group has just sold a 49.9% stake in its portfolio of six commercial centres in Florida to U.S real estate firm O’Connor Capital Partners.
"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," said Westfield Group Co-Chief Executive Officer Peter Lowy said in a statement.
The transaction is valued at 700 million dollars and will provide the group with funding for its global expansion projects. Westfield, known for its quality commercial centres, owns more than 110 malls across the world, currently present in Australia, New Zealand, USA, Great Britain and Brazil.
The group is also undergoing a major development plan in Milan, not far from the city’s airport. Scheduled to open in 2016, the joint venture is run in partnership with Italian real estate firm Gruppo Stilo.
The group is currently working on an important and symbolic project in the United States. Westfield will be opening a shopping centre at Ground Zero in New York.
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