Westfield Group

Westfield Group has continued its joint-venture-based strategy by selling a stake in six Florida shopping centres to O’Connor Capital Partners. Under the deal, O'Connor will purchase a 49.9% stake in the portfolio for US$1.3bn, equivalent to book value. Westfield will remain as property, leasing and development manager. The deal will reduce Westfield's overall profitability in the short term, but it should help boost returns on capital over the longer term. Westfield should receive net proceeds of US$700m, part of which will be used for the current on-market buy back. This will offset the expected dilution to funds from operations,...

Westfield Group has continued its joint-venture-based strategy by selling a stake in six Florida shopping centres to O’Connor Capital Partners. Under the deal, O'Connor will purchase a 49.9% stake in the portfolio for US$1.3bn, equivalent to book value. Westfield will remain as property, leasing and development manager.

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