SHOPPING centre developer Westfield Group will sell a 49.9 per cent stake in six shopping malls in Florida to O'Connor Capital Partners for $US700 million.
The gross value of the six malls is $US1.28 billion.
Westfield will remain as property, leasing and development manager under the joint venture with O'Connor.
"This agreement carries on the (Westfield) group's strategy of introducing joint-venture partners into our assets globally as well as disposing of non-core assets," Westfield Group co-chief executive Peter Lowy said today.
O'Connor Capital Partners is a privately-held, independent manager, owner, operator and developer of real estate.
Securities in Westfield Group were 24 cents higher at $11.00 at 1.47pm AEDT today.
