Westfield sells Brazilian asset

AAP, with a staff reporter

Westfield Group Ltd has disposed of its 50 per cent interest in its joint venture in Brazil.

In a statement to the Australian Securities Exchange, the company said it had sold the stake to the Almeida Junior Family.

The proceeds from the disposal of the interest, which represented less than one per cent of Westfield's assets, were in line with book value, the company said, without giving a dollar figure.

"We have decided to dispose of our interest in this joint venture as the partnership was not conducive to the achievement of the group's long-term objectives in Brazil," Westfield co-chief executive Steven Lowy said.

The transaction was expected to have no impact on earnings or distribution, Westfield said.