Westfield closes A$4.8 billion transaction – acquires 14 shopping centres from Rodamco North America

06 May 2002

Countries: United States

Westfield America today announced it had completed the acquisition of 14 shopping centres from Rodamco North America. With this transaction, the Westfield America portfolio now includes 61 shopping centres with more than 5.8 million square metres of retail space.

Westfield Managing Director, Peter Lowy, said the RNA settlement and last month’s Richard E. Jacobs transaction brings a total of 22 new centres to the Westfield America portfolio, consolidating Westfield’s position as one of the largest owners in the US shopping centre industry.

The two transactions will increase the number of clusters of Westfield centres from 6 to 11, providing greater branding and leasing opportunities, and giving a more even spread of properties between the West Coast, Mid West and East Coast.

Importantly, the centres have very good redevelopment potential – some A$2.8 billion, over the next five to 10 years.

The 14 properties acquired from RNA consist of 1.5 million square metres of gross leasable area, located in 5 states with 51 anchor stores and approximately 2,100 specialty shops.

As foreshadowed in January Westfield America has acquired the remaining 50% interest in the Franklin Park Mall from The Rouse Company for US$21 million and the assumption of debt on the property, taking Westfield America’s ownership to 100%.

In addition, Westfield America has also acquired the remaining 50% interest in Century City Shopping Center from RNA’s joint venture partner CalPERS for US$79 million and the assumption of debt on the property, taking Westfield America’s ownership to 100%.

The new Westfield Shoppingtowns purchased from RNA are:

Brandon Town Center, Brandon Florida
Century City Shopping Center, Los Angeles California
Citrus Park Town Center, Tampa Florida
Countryside Mall, Clearwater Florida
Fox Valley Center, Aurora Illinois
Franklin Park Mall, Toledo Ohio
Galleria at Roseville, Roseville California
Garden State Plaza, Paramus, New Jersey (already 50% owned by Westfield America)
Great Northern Mall, Cleveland Ohio
Hawthorne Center, Vernon Hills Illinois
MainPlace, Santa Ana California
Old Orchard Center, Skokie Illinois
San Francisco Shopping Center, San Francisco California
Valencia Town Center, Valencia California

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Westfield America Trust (ASX: WFA) is the 2nd largest property trust listed on the Australian Stock Exchange. WFA owns a majority interest in the Westfield America portfolio of 61 centres, branded as Westfield Shoppingtowns. Westfield Shoppingtowns are home to more than 8,000 specialty stores in California, Colorado, Connecticut, Florida, Illinois, Indiana, Maryland, Missouri, Nebraska, New Jersey, New York, North Carolina, Ohio and Washington.