logo
Share SHARE
FONT-SIZE Plus   Neg

Reports: Westfield In Talks To Sell 7 U.S. Malls To Starwood Capital

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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
We are just a few weeks into 2015 and it has already been a busy year for merger deals and merger talks. Here is a list of some of the M&A stories that have made headlines so far in 2015. Diversified electronics maker TE Connectivity Ltd. is nearing a deal to sell its network solutions business unit to CommScope Holding Co., Inc. (COMM) in a deal valued at about $3 billion, according a Wall Street Journal report on Monday. A deal could be announced as early as this week. There has... The video game industry waltzed through 2014 with a record $24 billion in acquisitions and IPOs, says advisory firm Digi-Capital. The frenzied activity in the industry came as companies vied to get hold of game titles that could tilt the scale in their favor, and the need to shore up investment in infrastructure and marketing.
comments powered by Disqus
Follow RTT