News: Westfield shuts up US shops

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Westfield Group (ASX:WDC) will divest seven non-core shopping centres in the US to private investment firm Starwood Capital Group for $US1.64 billion.



Co-Chief Peter Lowy says the divestment continues a strategic plan designed to generate greater shareholder value.



Mr Lowy says the group is focused on redeploying capital into superior retail destinations in major cities through divesting non-core assets.



After the divestments, Westfield Group will own and operate a portfolio of 40 centres in the US, with the transactions not expected to impact the Group’s operating funds forecast for 2013.



Westfield Group generated a net profit of $524 million in the 2013 financial year.