16 Sep 2013

Westfield selling seven US malls

1:25 pm on 16 September 2013

Australian shopping centre company Westfield is selling seven malls in the United States for $US120 million less than what they were worth at the end of 2012.

AAP reports Starwood Capital Group, a private equity company, will own and manage the assets in Ohio, Washington State, California and Indiana, as Westfield maintains a 10% equity interest.

The transaction value is $US120 million below the book value of the assets at the end of December 2012, and in line with book values as of 30 June.

Westfield Group co-chief executive Peter Lowy said the transaction would generate shareholder value.

Once the transactions are completed in the December quarter, Westfield, the world's largest shopping centre group, will own and operate 40 US shopping malls.

AAP reports Westfield Group shares rose eight cents to $A10.92 at 10.37am (AEST) on Monday.