Australia's Westfield sells 5 US malls for US$1.1b as part of divestment plans

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.