By a staff reporter
Westfield Group Ltd has entered into a series of joint venture deals with O’Connor Capital Partners for a portfolio of six United States shopping malls.
In a statement to the Australian Securities Exchange, Westfield said it stood to gain almost $US700 million in net proceeds from the move.
“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,” Westfield Group co-chief executive officer Peter Lowy said.
O’Connor’s investment will represent a 49.9 per cent interest in the portfolio of Florida centres, which has a gross value of $US1.283 billion. The price paid by O’Connor is equal to the Group’s book value.
Westfield said it would remain as property, leasing and development manager on terms consistent with the group’s other joint ventures.