Westfield finalises A$1.45 billion transaction – Acquires nine shopping centre from the Richard E. Jacobs Group
26 April 2002
Countries: United States
Westfield America today announced that it has completed the acquisition of nine regional shopping centres from The Richard E. Jacobs Group. With this transaction, the Westfield America portfolio now includes 48 shopping centres with more than 4.5 million square metres of retail space.
The purchase price is A$1.45 billion (US$756 million), including A$76 million (US$41 million) in cash, A$400 million (US$210 million) in equity and A$980 million (US$505 million) of mortgage debt.
Westfield believes the acquisition offers a number of marketing, leasing, expansion and growth opportunities. The quality and location of the centres complement Westfield America’s existing portfolio – three of the centres create a new cluster in Ohio and another two add to existing Westfield centres in Missouri and Washington.
The nine acquired properties consist of 900,000 square metres of gross leasable area located in six states with 36 anchor stores and approximately 1,150 specialty shops.
The nine new Westfield Shoppingtowns are:
Belden Village, Canton, Ohio; Chesterfield Mall, Chesterfield, Missouri; Eastridge Mall, Gastonia, North Carolina; Gateway Mall, Lincoln, Nebraska; Midway Mall, Elyria, Ohio; Richland Mall, Mansfield, Ohio; Southcenter Mall, Seattle, Washington; Southlake Mall, Merrillville, Indiana; and Southpark Center, Strongville, Ohio.
Upon completion of the Rodamco North America transaction, expected shortly, the Westfield America portfolio will total 61 centres in 14 states with 5.8 million square metres of retail space and approximately 8,150 retailers.
Westfield America Trust (ASX: WFA) is one of the largest property trusts listed on the Australian Stock Exchange. WFA owns a majority interest in the Westfield America portfolio of 48 centres, branded as Westfield Shoppingtowns. Westfield Shoppingtowns are home to more than 6,300 specialty stores in California, Colorado, Connecticut, Indiana, Maryland, Missouri, Nebraska, New Jersey, New York, North Carolina, Ohio and Washington.