SYDNEY: Australia’s Westfield Group agreed to sell stakes in seven US shopping malls to an affiliate of Starwood Capital Group for US$1.64bil. Shopping mall giant Westfield will keep a 10% equity interest in the centres, with Starwood, a private real estate investment company, owning and managing the majority interest.
Westfield’s shares rose 1.1% to A$10.75 (US$9.94) in early trade on Wednesday, while the benchmark S&P/ASX 200 index was up 0.74%.
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