Westfield Group in discussions with federated department stores to acquire store sites slated for divestiture
29 July 2005
Countries: United States
Federated Department Stores announced today that it intends to dispose of 68 stores as part of its US$11 billion merger with The May Department Store Company. The list of stores targeted for divestiture by Federated includes 12 stores in The Westfield GroupsUS portfolio where there is overlap between Federated and May Co. (See attached) Westfield is in discussions with Federated for the acquisition of those stores.
The discussions are at an initial stage and will take some time to complete, said Managing Director Mr Peter Lowy.
If successful, the purchase of these stores would create the opportunity to further redevelop and improve our portfolio, as well as substantially increase our development pipeline in the United States.
The Federated/May Co. merger will create a company with nearly 1,000 department stores in the United States and is expected to close in the third quarter, pending completion of regulatory review. Westfields US portfolio includes a total of 50 stores currently operated by the May Co. and 39 stores operated by Federated. As announced, it is expected that most of the May Co. stores retained by Federated will be converted to the Macys nameplate following the merger.
The Westfield Group is an internally managed, vertically integrated, shopping centre group undertaking ownership, development, design, construction, funds/asset management, property management, leasing and marketing activities and employing in excess of 4,000 staff worldwide.
Westfieldhas investment interests in 129 shopping centres in four countries (US, Australia, New Zealand and UK), with a total value in excess of A$41.6 billion and is the largest retail property group in the world by equity market capitalisation.
FEDERATED/MAY CO. DUPLICATE LOCATIONS TARGETED FOR DIVESTITURE
- Filenes, Westfield Trumbull, Trumbull, Connecticut
- Hechts, Westfield Wheaton, Wheaton, Maryland
- Kaufmanns, Westfield Richland, Mansfield, Ohio
- Robinsons-May, Westfield Fox Hills, Culver City, California
- Robinsons-May, Westfield MainPlace, Santa Ana, California
- Robinsons-May, Westfield North County, Escondido, California
- Robinsons-May, Westfield Plaza Camino Real, Carlsbad, California
- Robinsons-May, Westfield Santa Anita, Arcadia, California
- Robinsons-May, Westfield UTC, San Diego, California
- Macys (apparel), Westfield Palm Desert, Palm Desert, California
- Macys (home), Westfield Palm Desert, Palm Desert, California
- Macys, Westfield West Covina, West Covina, California