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Westfield to gain $32.8M from NZ sale June 29, 2012 10:10 AM

Westfield Retail Trust (ASX:WRT) and Westfield Group (ASX:WDC) have sold their jointly owned Westfield Shore City in New Zealand for about $65.4 million. 

The real estate investment trust will gain about $32.8 million from the sale to Aviva Investors Asia Pacific Property Fund. 

Westfield Retail Trust advises proceeds from the sale will be used to repay debt.

The transaction is not expected to impact its full year earnings and distribution guidance.

In the 2011 financial year Westfield Retail Trust reported a net profit of $976 million. 

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