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Last Updated ( Wednesday, 15 February 2012 14:22 )
DATE_FORMAT_LC2=Wednesday,February 15 2012 12:00:00 am EST   
Westfield to Sell Interest in 12 Centers

Los Angeles — The Westfield Group has formed a joint partnership with the Canada Pension Plan Investment Board (CPPIB) in a portfolio of 12 malls in the United States currently owned by Westfield. CPPIB will invest $4.8 billion to own 45 percent of the centers in a transaction that will close during the first quarter.

Westfield Culver City 2The 1 million-square-foot Westfield Culver City is included in the transaction with CPPIB.Westfield will continue to act as managing general partner for the joint venture and will be responsible for property management, leasing and development. The transaction also increases the number of centers that Westfield holds in joint ventures in the U.S. to 19, representing 50 percent of the value of its U.S. portfolio.

"This transaction continues the Group's strategy of creating value through the introduction of joint venture partners into our assets globally," said Westfield co-CEO Peter Lowy in a statement. "This joint venture represents CPPIB's largest real estate investment globally to date and we are pleased to have expanded our long term relationship with them."

Included in the transaction are Westfield Culver City near Los Angeles; Westfield Horton Plaza in San Diego; Westfield Annapolis in Annapolis, Md.; Westfield Oakridge in San Jose, Calif.; Westfield Topanga in Canoga Park, Calif.; and Westfield Santa Anita in Arcadia, Calif. The centers have a combined area of 13.53 million square feet. Included in those figures is an interest in West Valley, a development site scheduled for more than 1 million square feet of mixed-use space. The site is located between Westfield Topanga and Westfield Promenade.

The sale will generate $1.85 billion net cash to Westfield after the assumption by CPPIB of property related debt.

 

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