Retail in Asia

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Westfield plans sale of 7 US malls

Westfield Group, the world’s second largest shopping mall owner, is close to selling seven malls in the US to Starwood Capital Group for about USD1 billion, the Wall Street Journal said, citing two people familiar with the matter.

The seven malls were not identified, but five of the seven are among the 17 US malls that Sydney-based Westfield put on the market early last year, the paper said. Starwood would buy a majority stake, it added.

Westfield, which owns 118 malls globally, has said it will sell some mid-scale malls to raise capital for several billion dollars of redevelopment work at its more lucrative properties.