WESTFIELD GROUP DISPOSES OF JOINT VENTURE INTEREST IN BRAZIL TO THE ALMEIDA JUNIOR FAMILY
Westfield Group (ASX: WDC) today announced the disposal of its 50% interest in its joint venture in Brazil to the Almeida Junior Family. The proceeds from the disposal of our interest, which represented less than 1% of our assets, are in line with book value.
The Co-CEO of Westfield Group, Mr Steven Lowy AM said “We have decided to dispose our interest in this joint venture as the partnership was not conducive to the achievement of the Group’s long term objectives in Brazil.”
“We will continue to independently review opportunities in the region in line with our global operating strategy.”
The transaction is expected to have no impact on earnings or distribution.
The Westfield Group (ASX Code: WDC) is an internally managed, vertically integrated, shopping centre group undertaking ownership, development, design, construction, funds/asset management, property management, leasing and marketing activities and employing around 4,200 staff worldwide. The Westfield Group has interests in and operates one of the world’s largest shopping centre portfolios with investment interests in 100 shopping centres across Australia, the United States, the United Kingdom and New Zealand, encompassing around 22,000 retail outlets and total assets under management of A$64.1bn.
This release contains forward-looking statements, including statements regarding future earnings and distributions. These forward-looking statements are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements contained in this release. You should not place undue reliance on these forward-looking statements. These forward-looking statements are based on information available to us as of the date of this presentation. Except as required by law or regulation (including the ASX Listing Rules) we undertake no obligation to update these forward-looking statements.