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Westfield Group (ASX:WDC) has inked deals to sell eight of its US shopping centres for $US1.2 billion.

The company says the decision forms part of its strategic plan to increase return on equity and long term earnings growth. 

The proceeds firstly will be put to paying down corporate debt and then redeployed to pursue opportunities in the US, including the World Trade Centre.

Co-CEO Peter Lowy says the divestment is an important step in repositioning Westfield’s portfolio to major retail assets with strong franchise characteristics.

Westfield has confirmed its forecast distribution for this year remains unchanged at 49.5 cents.

In the 2011 financial year Westfield Group reported a net profit of $1.5 billion.