Australia's Westfield sells 5 US malls for US$1.1b as part of divestment plans
Proceeds will reduce debt, fund development
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Sydney
AUSTRALIAN shopping centre giant Westfield Corp said on Monday it has offloaded five US malls for US$1.1 billion as it continues its strategy of divesting non-core assets.
The company, one of the world's largest shopping centre operators, will use the proceeds to reduce debt exposure and help fund its US$11.4 billion development programme that is estimated to yield 7 per cent to 8 per cent, Westfield said.
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