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Westfield Southlake Sold to Investment Firm

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Australia's Westfield Group says it has sold Southlake Mall in Hobart and six other malls to a global investment firm in a one-point-six billion dollar deal. Along with Southlake, Connecticut-based Starwood Capital Group is purchasing malls in Ohio, Washington state and California. Southlake Mall opened in the 1970s. Westfield bought Southlake from Richard E. Jacobs Group in 2002.
Westfield Group [ASX: WDC]  Co-CEO Mr. Peter Lowy said “Today’s [Monday's] announcement continues the implementation of our strategic plan which positions WDC to generate greater shareholder value.”
“We are focused on redeploying our capital into superior retail destinations in major cities through divesting non-core assets and introducing joint venture partners into our high quality portfolio of assets.”
Starwood will own and manage the majority interest in the centers with Westfield retaining a 10 percent common equity interest.
The transactions’ value of $1.64 billion is $120 million below the book value of the assets at 31 December 2012 and in line with the book values at 30 June 2013.
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