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Last Updated ( Monday, 25 March 2013 14:00 )
DATE_FORMAT_LC2=Monday,March 25 2013 12:00:00 am EDT   
Westfield Group Enters Joint Venture with O'Connor Capital Partners

WestfieldSarasotaNEWSWestfield SarasotaFlorida — Westfield Group has entered into an agreement with O'Connor Capital Partners that will result in a joint venture investment in a portfolio of six Westfield regional malls in Florida. O'Connor's investment will represent a 49.9 percent interest in the approximately 6 million-square-foot portfolio with an aggregate value of $1.28 billion.

The six properties include:

• The 1.15 million-square-foot Westfield Brandon in Brandon
• The 986,346-square-foot Westfield Broward in Plantation
• The 1.14 million-square-foot Westfield Citrus Park in Tampa
• The 1.28 million-square-foot Westfield Countryside in Clearwater
• The 1 million-square-foot Westfield Sarasota in Sarasota
• The 421,778-square-foot Westfield Southgate in Sarasota

Founded in 1983, O'Connor is a privately held owner, operator and developer of real estate. The company, based in New York, has acquired or developed more than $20 billion of all property types on behalf of various investment funds and its own account.

The price paid by O'Connor is equal to Westfield's book value. Westfield will remain as the property, leasing and development manager.

"This agreement carries on the [Westfield] Group's strategy of introducing joint venture partners into our assets globally as well as disposing of non-core assets," says Peter Lowy, co-chief executive officer of Westfield Group.

Westfield is expected to receive approximately $700 million in net proceeds from the transactions, which are expected to close during the second quarter of this year.

Australian-based Westfield provides shopping center ownership, development, design, construction, asset management, leasing and marketing services. The firm's portfolio includes an investment interest in 105 shopping centers in Australia, the United States, United Kingdom, New Zealand and Brazil.

 

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