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Westfield sells US mall stakes for $700 million to O'Connor

from Bloomberg

Westfield Group, the world's biggest shopping center operator by assets, said it sold half shares in six malls in Florida to O'Connor Capital Partners for about $700 million. Westfield agreed to sell a 49.9 percent interest in the malls at book value, valuing the joint venture with the New York based real estate investment and development company at about $1.3 billion, the Sydney-based company said in a statement to the Australian stock exchange. Westfield will continue to manage, develop and lease the properties, it said. more

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