Westfield Group increases investment in Los Angeles, California shopping centre
03 February 2005
Countries: United States
Westfieldtoday announced that it has acquired an additional interest in Valencia Town Center in Santa Clarita, California for a net purchase price of US$69.2 million. The acquisition, together with Westfields existing interest, brings the total ownership interest in the property to 50%. The current yield on Westfields total investment is 8.1%. Westfieldwill assume the management, leasing and development of the centre.
Valencia Town Center is a 859,798 square foot, two-level enclosed super regional shopping centre anchored by Robinsons-May, Sears and JCPenney along with 150 specialty stores both enclosed and outdoors. Valencia Town Center is located in the Los Angeles Metropolitan Statistical Area (MSA) in a high growth suburban market north of the San Fernando Valley. It serves a primary trade area (PTA) population of more than 227,000, (projected to grow by 10.6% by 2009), with average household incomes in excess of US$86,800.
Valencia Town Center provides an excellent geographic fit with our Los Angeles region cluster and offers both short and long-term reinvestment opportunities, said Managing Director Peter Lowy.
Westfield’s other portfolio holdings in the Los Angeles region include Westfield Century City, Eagle Rock, Eastland, Fashion Square, Fox Hills, MainPlace, Promenade, Santa Anita, Topanga and West Covina.
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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.
Westfield has investment interests in 127 shopping centres in four countries (US, Australia, New Zealand and UK), with a total value in excess of A$39.5 billion and is the largest retail property group in the world by equity market capitalisation.