Australian mall owner Westfield Group (WFGPY.PK,WEFIF.PK, WDC.AX) is close to selling majority stakes in seven of its U.S. malls to private investment firm Starwood Capital Group LLC for about $1 billion, according to media reports on Wednesday.
Five of the seven malls are reportedly among the 17 shopping malls in the U.S. that Westfield put up for sale early last year. Westfield plans to retain a minority stake in the malls being sold.
Barry Sternlicht's Starwood Capital Group has invested over $10 billion of equity capital, representing over $29 billion in assets. The firm, founded in 1991, currently has $19 billion of assets under management.
Westfield owns 118 malls globally, but has announced plans to scale that number down to raise capital for redevelopment work at its more lucrative properties.
In February, Westfield said it has agreed to sell a stake in a portfolio of 12 U.S. malls to Canada Pension Plan Investment Board or CPPIB for about $1.85 billion.
WFGPY.PK closed Wednesday's trading at $18.43, down $0.12 or 0.65 percent on a volume of 167,964 shares.
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by RTT Staff Writer
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