Westfield America acquires additional 50% interest in Connecticut Centre
15 September 1997
Countries: United States
Westfield America Trust, which owns 51% of Westfield America,Inc. (WEA), today announced that WEA has agreed to purchase the 50%interest in Meriden Square shopping centre, Connecticut, that itdoes not currently own for US$54.5 million.
The acquisition will be funded from WEA’s US$600 million bankline of credit.
The Managing Director of Westfield’s U.S. operations andexecutive director of Westfield America Trust, Mr. Peter Lowy,said: “The purchase is expected to have a positive effect onearnings over time and Westfield America Trust remains on track tomeet its prospectus forecasts.”
WEA currently owns 50% of Meriden Square which is located closeto the city of Hartford, Connecticut. The centre is on a 25-hectaresite and has two retail levels with three department stores(Filene’s, J.C. Penney and Sears) and 113 mall stores. It has atotal of 69,400 square metres of gross leasable area with potentialfor redevelopment.
WEA also owns three other malls in Connecticut: TrumbullShopping Park, Connecticut Post Mall and Enfield Square. The totalleasable area of the four Connecticut malls is approximately316,000 square metres.
The buy-out by WEA of its partner in Meriden Square follows thepurchases in June of the remaining 70% of Annapolis Mall that itdid not already own and a 68% interest in Wheaton Plaza, bothcentres being in the Washington D.C. area.
WEA, a Real Estate Investment Trust with a market capitalisationof approximately US$1.35 billion, is one America’s leading ownersof regional shopping centres. It owns 23 major shopping centres in10 metropolitan areas in the States of California, Colorado,Connecticut, Washington D.C./Maryland, Missouri, New York andWashington.