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TOLEDO, OH (Toledo News Now) -
The Westfield Group announced Monday that it has agreed to sell seven shopping centers nationwide to Starwood Capital Group for $1.64 billion, including Toledo's Franklin Park Mall.
Westfield Group Co-CEO Peter Lowy says the new direction will position Westfield Group to generate more value for shareholders.
"We are focused on redeploying our capital into superior retail destinations in major cities through divesting non-core assets and introducing joint venture partners into our high quality portfolio of assets," said Lowy.
The non-core assets involved in this transaction total $7,913,457.
-Belden Village in Canton, OH for $826,140
-Capital in Olympia, WA for $779,268
-Franklin Park in Toledo, OH for $1,261,954
-Great Northern in North Olmsted, OH for 1,184,733
-Parkway in El Cajon, CA for $1,319,739
-Southlake in Merrillville, IN for 1,361,168
-West Covina in West Covina, CA for $1,180,455
Starwood will own and manage the majority interest in the centers with Westfield retaining a 10 percent common equity interest.
The transactions' value of $1.64 billion is $120 million below the book value of the assets at the end of December 2012, and in line with the book values at the end of June 2013.
After the transactions expected closure in the 4th Quarter of 2013, Westfield Group will own and operate a portfolio of 40 centers in the U.S.