Westfield Group
(ASX:WDC) is looking to sell seven US shopping centres to US investment firm Starwood Capital Group for more than $US1 billion, according to media reports.
The move, which is reportedly still in negotiations and not yet in final stages, is part of the retail property giant’s efforts to downsize by selling non-core shopping centres.
Westfield has sold about $15 billion worth of its shopping mall stakes since 2010.
The deal wouldn’t be the first between the two parties. Westfield sold majority stakes in seven other US properties to Starwood in 2012 for over $US1 billion.
In separate media reports, JPMorgan estimates that Westfield could also reduce its portfolio of shopping centres in Australia and New Zealand to 25 per cent, in a move that could net about $5 billion.
Westfield generated a net profit of $1.76 billion for its 2012 financial year.
