Reuters: Mergers News: Westfield group close to selling stake in 7 U.S. malls-paper

Reuters: Mergers News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Westfield group close to selling stake in 7 U.S. malls-paper Mar 28th 2012, 22:26 SYDNEY, March 29 | Wed Mar 28, 2012 6:26pm EDT SYDNEY, March 29 (Reuters) - Westfield Group, the world's second-largest shopping mall owner, is close to selling seven malls in the United States to Starwood Capital Group for about $1 billion, the Wall Street Journal said, citing two people familiar with the matter. The seven malls were not identified, but five of the seven are among the 17 U.S. malls that Sydney-based Westfield put on the market early last year, the paper said. St arwood would buy a majority stake, it added. Westfield's spokeswoman in Australia could not be reached for comment immediately by Reuters. Westfield, which owns 118 malls globally, has said it will sell some mid-scale malls to raise capital for several billion dollars of redevelopment work at its more lucrative properties. In February, Westfield said it was selling a stake in a portfolio of 12 U.S. malls to Canada Pension Plan Investment Board for about $1.85 billion, freeing up cash to fund a share buyback and to expand its global reach. The deals are the latest moves by Westfield to reinvent itself after spinning off stakes in its Australian malls in 2010 to free up capital and earn greater returns from property management and higher-yielding mall development. Westfield has also ventured into new markets in Brazil and Italy in a bid to find growth outside of Australia and the United States. Link this Share this Digg this Email Reprints

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