Advertise with fastmoving.co.za
 
 

Westfield sells five malls in billion dollar deal - USA
Westfield sells five malls in billion dollar deal - USA

Westfield sells five malls in billion dollar deal - USA

INTERNATIONAL NEWS

ChainStoreAge.com - Dec 22nd 2015, 09:43

Westfield Corp. announced Monday it has sold five of its U.S. shopping malls — totalling more than 6 million sq. feet of retail space across four states — to help fund a property development program. 

The move is line with the company’s recent strategy to focus on its flagship assets, which include the new World Trade Center mall, due to open in spring 2016.

In November, Westfield sold Westfield Carlsbad mall, Carlsbad, Calif., to New York's Rouse Properties for $170 million. Combined, Westfield will realise about $1 billion in net proceeds from the two transactions, which will be used towards reducing gearing — the company’s debt as a percentage of equity capital — by 3%.

“Our strategic focus is to create and operate flagship assets in leading markets and divest non-core assets,” Westfield co-chief CEO Peter Lowy said in the statement. “Today’s announcement marks a significant milestone in our divestment strategy.”

The five malls in the transaction are Connecticut Post, Milford, Conn.; Fox Valley, Aurora, Ill.; Hawthorn, Vernon Hills, Ill.; and MainPlace, Santa Ana, Calif.; and Vancouver, Vancouver, Wash.

Westfield sold the properties to a newly formed joined venture, with Dallas-based Centennial Real Estate, Dallas as managing member, together with Montgomery Street Partners and USAA Real Estate. Westfield will retain a 20% non-managing common equity interest.

Centennial, which has a focus on revitalising under-realised properties, said it would implement marketing and leasing efforts that align with each mall’s commitment to offer a current and unique mix of retail, dining, entertainment, and special events for the local community.

“A mall can’t just be about shopping anymore,” said Steven Levin, Centennial Real Estate’s CEO. “Understanding the needs of your market is the cornerstone of creating a one of a kind experience that guests can’t get online or anywhere else.”

Westfield currently has 44 shopping malls across the U.S., Britain, and Europe.From ChainStoreAge.com 

Read more about: connecticut post | california

Related News

Petco opens new DC to keep pace with expansion - USA
12/05/2016 - 14:45
Petco is expanding its store portfolio and distribution center network.

Teen apparel retailer files for bankruptcy - USA
08/04/2016 - 09:16
In a not unexpected move, beleaguered teen apparel retailer Pacific Sunwear of California Inc. filed for Chapter 11 bankruptcy court protection.

Did back-to-school buying end summer slump? - USA
08/09/2015 - 07:48
California - The back-to-school season traditionally gives retailers a much-needed boost, bringing traffic into stores in August. How did things turn out this year?

Cash is still king with U.S. shoppers - USA
29/07/2015 - 12:48
California - A new survey details what methods Americans are using to pay for goods and services — and which ones are gaining steam.

Oracle launches new retail cloud services - USA
09/04/2015 - 09:48
California – Oracle is releasing six new Oracle Retail cloud services that provide retailers with rapid access to enterprise-grade applications for managing critical e-commerce, customer engagement, order management, order fulfilment, loss prevention, and brand compliance operations.