Westfield America, Inc. acquires Northwest Plaza in St Loius
12 December 1997
Countries: United States
Los Angeles, CA, December 11th, 1997 – Westfield America, Inc. (NYSE: WEA) has announced today that it has agreed to acquire a 100% interest in Northwest Plaza shopping centre in St Ann, Missouri, from Paramount Group Inc. for US$111 million. The transaction will close by the end of this year.
Northwest Plaza is St Louis’ largest enclosed centre, at over 167,000 square metres and is located in Missouri’s St Louis County. This single-level, super-regional centre is anchored by Dillards, Famous-Barr, JC Penney and Sears, and features 174 specialty stores. Big box retailers at the centre include Toys’R’Us, Kids’R’Us and Office Max.
Peter Lowy, President of Westfield America, Inc., said the company was very pleased with the acquisition of Northwest Plaza.
“The centre combines an excellent regional location with representation by all four of the major department stores operating within the St Louis market,” Mr Lowy said.
“The purchase of Northwest Plaza increases Westfield America, Inc.’s presence in the market to four major regional shopping centres. This centre fits the acquisition criteria of our growth strategy while providing us with market synergies”.
With the purchase of Northwest Plaza, Westfield America, Inc. becomes the largest retail landlord in the St Louis metropolitan area with approximately 381,000 square metres and over 480 retailers.
Westfield’s other portfolio holdings in the St Louis area include Mid Rivers Mall in St Peters, South County Center in St Louis, and West County Center in Des Peres. The St Louis metropolitan area has a population in excess of 2.5 million and an average household income of US$56,600. The market ranks third nationally by the number of Top 100 Industrial Companies headquartered there.
Westfield America, Inc. (NYSE: WEA), a real estate investment trust, is one of the nation’s leading owners of regional retail centres. With this acquisition, the company owns 24 major shopping centres in 10 metropolitan areas in the states of California, Colorado, Connecticut, Maryland, Missouri, New York and Washington.