Westfield Group
(ASX:WDC) has offloaded its 50 per cent stake in a joint venture in Brazil.
The retail property giant says it has sold the interest to the Almeida family.
The proceeds from the sale, which represented less than one per cent of Westfield's assets, were in line with book value, but Westfield did not give a dollar figure.
Westfield co-chief executive Steven Lowy says the company decided to dispose of its interest in this joint venture as the partnership was not conducive to the achievement of the group's long-term objectives in Brazil.
The transaction is expected to have no impact on earnings or distribution, according to Westfield.
Wesfield reported a net profit of $1.76 billion for its 2012 financial year.
