Retail giant Westfield Group has generated £597 million ($1.1 billion) from the sale of three UK shopping centres to UK retail landlord Intu Properties.
The expected sales of Merry Hill, Derby and Sprucefield come as Westfield’s board makes progress on the business split, where the Australian and New Zealand assets will be run by newly created Scentre Group.
Westfield will focus on the US, UK and the emerging markets in markets like Brazil, where the retail landlord has been redirecting the funds freed up from stake sales in its more traditional markets.
The company released a statement late last night, with co chief executive Steven Lowy saying the sales were in line with the company’s strategic shift.
''Post completion of these divestments, the UK/European portfolio will comprise our two major London assets - Westfield London and Stratford, which are already two of the best retail destinations in Europe,'' Mr Lowy said.
''It will also include the major development opportunities at Milan in Italy and Croydon in London, which we expect to be amongst Europe's top retail destinations."