Westfield sold five US malls for $1.1B Saturday to pay down debts as part of its $11.4B property development program, the company said in a statement.
Westfield CEO Peter Lowry says the “focus is to create and operate flagship assets in leading markets and divest non-core assets.”
Westfield’s “flagship assets” include the $1.4B World Trade Center project in NYC—about as “flagship” as you can get.
Lowry projects yields around 7% to 8% as part of the new strategy, which includes getting the company’s debt to 3% of equity capital.
Westfield holds $25B in assets and 44 shopping malls, after the five it ditched Friday in a JV sale to Centennial Real Estate, Montgomery Street Partners and USAA Real Estate.
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