Westfield Group, the world’s biggest shopping-center operator by assets, will sell seven malls in the United States for $1.6 billion to an affiliate of Starwood Capital Group LLC as the company consolidates its U.S. portfolio to fund higher-return activities.
Westfield is divesting malls to redeploy capital into planned development projects, the Sydney-based company said in a statement to the Australian stock exchange. It will retain a 10 percent interest in the shopping centers, which will be managed by Starwood, it said.
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