Westfield Corporation Divests Five US Shopping Centers for $1.1 Billion

Executive Summary

• The divested assets total more than 6 million square feet of retail space across four US states.
• The proceeds of the transaction will fund the company’s US$11.4 billion development program, which includes the Westfield World Trade Center in New York planned to open in 2017.
• The sale will also reduce the company’s gearing, or the debt-to-equity-capital ratio, by 3%, bringing it down to 29.2%.