Westfield Group (ASX:WDC) has announced two major strategic transactions including a $4.7 billion joint venture over 12 assets in the US with Canada Pension Plan Investment Board (CPPIB).
The shopping centre operator has also announced the sale of its interest in three non-core UK centres for about $240 million.
Westfield says the announcement follows on from the strategic initiatives it has undertaken since November 2010, beginning with the establishment of the Westfield Retail Trust (ASX:WRT).
The company advises that since that time it has expanded its operating platform globally and reduced its capital invested by entering into strategic joint ventures and disposals of non-core assets.
In the first six months of 2011 Westfield Group reported a net profit of $660 million.
