News: Westfield sells 50% of Stratford retail

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Westfield Group (ASX:WDC) says it will sell a 50 per cent interest in the retail component of Westfield Stratford City centre for $1.43 billion.

The property group will sell its stake to a new joint venture between APG of the Netherlands and Canada Pension Plan Investment Board.

Westfield will receive a development profit of around $490 million following the sale, including the full ownership of the adjacent non-retail development sites.

Managing director Steven Lowy says the deal continues Westfield's strategy of creating value through the introduction of joint venture partners into its assets globally.

He also says the group will significantly improve its return on invested capital from the development, and will remain a long term investor, property manager and developer of the landmark shopping centre.

Westfield Group booked a net profit of $966 million in the first six months of 2010.