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Westfield Group (ASX:WDC) has entered into agreements to sell three of its UK shopping centres for more than $1 billion (£597 million).
The retail giant will sell the sites at Merry Hill, Derby and Sprucefield to UK retail landlord Intu Properties and the deal is expected to close by mid this year.
Co-CEO Steven Lowy says following the divestments the company’s UK and European portfolio will include its two major London assets, Westfield London and Stratford.
The announcement comes after Westfield Group revealed plans at the end of last year to merge its Australian and New Zealand business with Westfield Retail Trust (ASX:WRT).
The new entity to be known as Scentre Group and the international business of Westfield Group will become Westfield Corporation.
Westfield Group reported a net profit of $1.6 billion in the first half of the 2014 financial year.
