Westfield Group expands protfolio in New York
06 June 2005
Countries: United States
The Westfield Group (ASX: WDC) today announced it has agreed to acquire a 100% interest in the Sunrise Mall in Massapequa, New York for US$143 million (A$189 million) of which approximately US$55 million (A$73 million) will constitute new Westfield America operating partnership units. The centre is being acquired at a yield of 7.9%. The completion of the purchase is expected to occur early in the second half of 2005.
The mall is a two-level, 1.246 million square foot (115,000 square metres) super regional shopping centre anchored by Sears, Macys, JCPenney and Wal-Mart, with 128 in-line specialty stores. Total sales for 2004 were approximately US$240 million with specialty store sales productivity at approximately US$338 per square foot.
Sunrise has a trade area of more than 1.4 million people with average household incomes of US$86,600.
Westfield has six shopping centres in the New York/New Jersey/Connecticut tri-state market. These centres are South Shore in Bayshore, New York; Garden State Plaza in Paramus, New Jersey; and in Connecticut the centres are Enfield, Meriden, Trumbull and Connecticut Post in Milford. Sunrise Mall will be branded Westfield Sunrise, and represents the seventh Westfield centre in the tri-state market.
We are pleased to increase our investment in the New York market area, said Managing Director Peter Lowy. Sunrise offers both short and long-term redevelopment opportunities and is a very good geographic fit with existing assets in the region.
The Westfield Group 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 in excess of 4,000 staff worldwide.
Westfieldhas investment interests in 127 shopping centres in four countries (US, Australia, New Zealand and UK), with a total value in excess of A$41 billion and is the largest retail property group in the world by equity market capitalisation.
The Westfield Group is the largest retail property group in the world by equity market capitalisation and the eighth largest entity listed on the Australian Stock Exchange.