Westfield finalizes $756 million transaction
Apr 29, 2002 12:00 PM
Westfield America has completed its $756 million acquisition of nine regional malls from The Richard E. Jacobs Group. The deal, first announced in December, boosts Westfield’s portfolio to 48 centers with more than 48 million square feet of retail space.
The company plans to upgrade the portfolio through redevelopment and intensive management, much as it did after acquiring properties from CenterMark and TrizecHahn.
The $756 million price tag includes $41 million in cash, $210 million in equity and $505 million of mortgage debt. The deal gives Westfield a strong presence in Ohio and adds to the company’s share of the Missouri and Washington markets.
The nine acquired properties consist of 9.7 million square feet of GLA in six states, with 36 anchor stores and approximately 1,150 specialty shops, Westfield said. The centers are: Belden Village, Canton, Ohio; Chesterfield Mall, Chesterfield, Mo.; Eastridge Mall, Gastonia, N.C.; Gateway Mall, Lincoln, Neb.; Midway Mall, Elyria, Ohio; Richland Mall, Mansfield, Ohio; Southcenter Mall, Seattle; Southlake Mall, Merrillville, Ind.; and SouthPark Center, Strongville, Ohio.
The company noted that after its deal to acquire part of the regional mall portfolio of Rodamco North America closes, it will own 61 shopping centers in 14 states, with 62 million square feet of retail space.
That deal, which also involved Simon Property Group and The Rouse Co., was announced in January and is expected to close in the next few months.
— Staff and wire reports
