Westfield sells California mall to Rouse for 170 million dollars

Australia’s Westfield Corp has confirmed it is to sell its Carlsbad shopping centre in California to rival mall owner Rouse Properties for 170 million dollars (US). The sale of the 1.1 million square foot super regional enclosed mall was first muted last week.

The mall sale is the first of about 1.5 billion dollars worth of exits planned from lower quality shopping centres expected in coming months.

Westfield is focusing on high profile properties in bigger cities

Westfield is offloading regional assets and channeling its efforts and resources into high-profile “fortress” properties in gateway cities such as Los Angeles, New York and London.

The Australian reported in August that Westfield had also struck a deal to sell stakes in several North American shopping centres to a consortium led by USAA Real Estate, valuing those properties in Connecticut, Hawthorn, Vancouver, Main Place and Fox Valley at 1.1 billion dollars

Westfield North County near San Diego, worth about 300 million dollars, is also being sold by Westfield and the Canada Pension Plan Investment Board.

US-listed Rouse group said it will rebrand the Carlsbad centre as The Shoppes at Carlsbad and undertake a renovation.

It houses 150 retailers including Macy’s, Forever 21, Loft, Victoria’s Secret, and Vans. The acquisition was funded through the issuance of 140 million floats of preferred operating partnership units to Westfield.

Image:Westfield