Westfield Franklin Park Mall sold in $1.64B group deal - WTVM.com-Columbus, GA News Weather & Sports

Westfield Franklin Park Mall sold in $1.64B group deal

Posted: Updated:
TOLEDO, OH (Toledo News Now) -

The Westfield Group announced Monday that it has agreed to sell seven shopping centers nationwide to Starwood Capital Group for $1.64 billion, including Toledo's Franklin Park Mall.

Westfield Group Co-CEO Peter Lowy says the new direction will position Westfield Group to generate more value for shareholders.

"We are focused on redeploying our capital into superior retail destinations in major cities through divesting non-core assets and introducing joint venture partners into our high quality portfolio of assets," said Lowy.

The non-core assets involved in this transaction total $7,913,457.

-Belden Village in Canton, OH for $826,140

-Capital in Olympia, WA for $779,268

-Franklin Park in Toledo, OH for $1,261,954

-Great Northern in North Olmsted, OH for 1,184,733

-Parkway in El Cajon, CA for $1,319,739

-Southlake in Merrillville, IN for 1,361,168

-West Covina in West Covina, CA for $1,180,455

Starwood will own and manage the majority interest in the centers with Westfield retaining a 10 percent common equity interest.

The transactions' value of $1.64 billion is $120 million below the book value of the assets at the end of December 2012, and in line with the book values at the end of June 2013.

After the transactions expected closure in the 4th Quarter of 2013, Westfield Group will own and operate a portfolio of 40 centers in the U.S.

Mobile users, click on the "Video" button in the app to watch this story. Download our app here.

Copyright 2013 Toledo News Now. All rights reserved.

  • Most ReadMost ReadMore>>

  • Man indicted for attempted murder of Lanett police officer

    Man indicted for attempted murder of Lanett police officer

    Tuesday, September 16 2014 12:22 PM EDT2014-09-16 16:22:25 GMT
    A Chambers County grand jury has indicted Jarod Moreland for Attempted Capital Murder of a Lanett police officer.  Per Lanett Police Chief Angie Spates, in August of 2013, Moreland allegedly took policeMore >>
    A Chambers County grand jury has indicted Jarod Moreland for Attempted Capital Murder of a Lanett police officer.  Per Lanett Police Chief Angie Spates, in August of 2013, Moreland allegedly took policeMore >>
  • Father accused of killing 5 children extradited back to S. Carolina

    Father accused of killing 5 children extradited back to S. Carolina

    Thursday, September 11 2014 7:56 PM EDT2014-09-11 23:56:58 GMT
    The father accused of killing and dumping the bodies of his five children along a rural dirt road in Wilcox County, Alabama was successfully extradited back to the state of South CarolinaMore >>
    The father accused of killing and dumping the bodies of his five children along a rural dirt road in Wilcox County, Alabama was successfully extradited back to the state of South Carolina Thursday to face charges, according to local reports.More >>
  • breaking

    Missing juvenile boy located

    Missing juvenile boy located

    Tuesday, September 16 2014 12:05 PM EDT2014-09-16 16:05:39 GMT
    The Columbus Police Department has located a missing juvenile and returned him to his residence. Terrell D. Baldwin, also known as "Tank," was last seen at 513 35th Street on Wednesday, Sept. 10 2014.More >>
    The Columbus Police Department has located a missing juvenile and returned him to his residence. Terrell D. Baldwin, also known as "Tank," was last seen at 513 35th Street on Wednesday, Sept. 10 2014.More >>
Powered by WorldNow

1909 Wynnton Road
Columbus, Ga. 31906

FCC Public File
publicfile@wtvm.com
706-494-5400
EEO Report
Closed Captioning

All content © Copyright 2000 - 2014 Worldnow and WTVM. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.