Westfield Sells Five U.S Malls for $1.1 Billion to Cut GearingBy
Proceeds will also fund an $11.4 billion development program
Sale to reduce gearing by 3%, dilute FFO by 3.5 cents/security
Westfield Corp. has sold five shopping malls in the U.S. for $1.1 billion to reduce gearing and fund a property development program.
The sale along with another transaction in November would give Westfield about $1 billion in net proceeds, and reduce gearing — its debt as a percentage of equity capital — by 3 percent, the Australian owner of malls in U.S. and U.K. said in a statement in Sydney Monday. It will also dilute funds from operations by 3.5 cents a security, the company said…
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