Westfield Group (WEFIF.PK,WDC.AX,WFGPY.PK) Sunday announced an agreement with O'Connor Capital Partners for some transactions that would lead to a joint venture investment in a portfolio comprising six Westfield regional malls in Florida, U.S.
Founded in 1983, O'Connor Capital Partners is a privately-held, independent manager, owner, operator and developer of real estate.
O'Connor's investment will represent a 49.9 percent interest in this portfolio that has a gross value of $1.283 billion. The price paid by O'Connor is equal to the Group's book value. Westfield will realize about $700 million in net proceeds from the transactions.
Westfield will remain as property, leasing and development manager on terms consistent with the Group's other joint ventures.
Westfield Group Co-Chief Executive Officer Peter Lowy said, "This agreement carries on the Group's strategy of introducing joint venture partners into our assets globally as well as disposing of non-core assets."
The transactions are dilutive to the Group's Funds from Operations in 2013, before the redeployment of capital, by around 1 cent per security. The dilution is expected to be offset by the redeployment of capital, including the on-market buyback of WDC securities.
Since the announcement of the Group's 2012 full year results in February, 19 million securities have been purchased under the buyback program for A$212 million.
The transactions are subject to financing and other customary closing conditions. They are expected to close in the second quarter.
WDC.AX is currently gaining 2 percent at A$10.98.
For comments and feedback contact: editorial@rttnews.com
Business News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.