Australia-based shopping center developer Westfield Group will sell stakes in six Florida malls for about $700 million, as part of its move to form joint ventures and shed certain assets, the Wall Street Journal reported. O’Connor Capital Partners, a real estate company, will buy the shares.
O’Connor will buy a 49.9 percent stake in regional shopping centers, which are valued together at $1.28 billion, the Journal said.
Westfield is also selling off other non-“core” assets in order to raise capital and expand into fast-growing markets like Brazil, and invest in larger developments like retail at New York City’s World Trade Centers.
“This agreement carries on the group’s strategy of introducing joint venture partners into our assets globally as well as disposing of noncore assets,” Westfield CEO Peter Lowy said in a statement to the Journal. [WSJ] —Christopher Cameron