Australia-based Westfield Group is selling majority stakes in seven U.S. shopping malls, including Westfield Parkway in El Cajon, to an affiliate of Starwood Capital Group, in a deal valued at $1.64 billion.
Starwood will own and manage the majority interest in the centers, with Westfield retaining a 10 percent common equity interest, Westfield officials said. The other centers are in Ohio, Washington and Indiana, and also include the company’s mall in West Covina near Los Angeles.
“We are focused on redeploying our capital into superior retail destinations in major cities through divesting noncore assets and introducing joint venture partners into our high quality portfolio of assets,” said Westfield Group Co-CEO Peter Lowy.
The malls in the deal total approximately 7.9 million square feet of leasable space.
Westfield, with headquarters in Sidney, operates or holds interests in 99 shopping centers worldwide, including seven in San Diego County.
— SDBJ Staff Report