Sydney: Australian shopping centre giant Westfield Corp. said on Monday it has offloaded five US malls for $1.1 billion (Dh4 billion) as it continues its strategy of divesting non-core assets.
The company, one of the world’s largest shopping centre operators, will use the proceeds to reduce debt exposure and help fund its $11.4 billion development programme.
“Our strategic focus is to create and operate flagship assets in leading markets and divest non-core assets,” Westfield co-chief executive Peter Lowy said in a statement.
“Today’s announcement marks a significant milestone in our divestment strategy.”
The five malls sold — in Connecticut, Illinois, California and Washington — are Connecticut Post, Fox Valley, Hawthorn, MainPlace and Vancouver.
The buyer is a newly formed joint-venture comprising Centennial Real Estate, Montgomery Street Partners and USAA Real Estate.
Westfield has interests in 44 shopping centres in the US, Britain and Europe, with assets under management of more than $25 billion.
It has progressively moved to sell non-core assets and focus on new flagship properties, including its $1.4 billion World Trade Center project in New York.
