News: Westfield sells US mall stakes to form JV

.

Westfield Corporation (ASX:WFD) has sold stakes in three US malls to O'Connor Capital Partners to form a joint venture with the private real estate developer.

 

The shopping centre manager has sold a 47.4 per cent stake in the Palm Desert mall in California, Trumbull mall in Connecticut and Wheaton mall in Maryland. 

 

Westfield says the series of transactions will result in a $925 million joint venture with O'Connor Capital Partners for three of its regional shopping centres. 

 

Westfield plans to be the property, leasing and development manager of the JV and realise about $US700 million in net proceeds before tax from the transactions.

 

Westfield Corporation reported a net loss of $871 million in the first half of the 2014 calendar year.