Tue, 20 Dec 2011 | DIVISION SALE
Australian shopping mall giant, Westfield, is reported to be exploring the option of offloading three of its shopping centres in the UK and Northern Ireland to its joint venture partners, as part of its strategy to focus on its larger UK assets.
Westfield is looking to divest its stakes in Belfast's CastleCourt shopping centre, the Royal Victoria shopping centre in Tunbridge Wells, Kent, and the Friary mall in Guildford, Surrey. Industry magazine, Estates Gazette, has reported that the company is looking to strike a deal with its partner, Hermes Real Estate. Hermes is said to have already joined forces with another partner company for the planned buyout deal.
The founder of Westfield, Frank Lowry, said that the divestment was part of the company's efforts to reduce its "exposure to less productive assets in the US and UK".
Belfast-based retail analyst, Donald McFetridge, said that the exit of Westfield from the malls was not a sign of retail difficulties, rather a long-term strategy of the company.
"This appears to have been on the cards for quite some time and appears to fit in with Westfield's overall development plans," McFetridge told the Belfast Telegraph. "Their schemes are hugely successful, particularly their new developments in London with shoppers flocking there to spend their hard-earned cash, even in these economically challenging times."
The company retails a vast array of agronomy, farming and agriculture products, operating as a key supplier for grass seed and agrochemicals. Own-brand products are complemented by the provision of third-party ranges, with the offering also including...
LEASEHOLD
Multi-disciplinary economic development experts providing a range of specialist advisory and delivery services to public, private and not-for-profit organisations across the world.
Priding itself on its high-quality products, the company provides a comprehensive range of plastic corrosion-resistant fans alongside an array of services to compliment its product offering. As a specialist in the field, the business can design a bes...
09
|
May
|
Landsec sells hotel portfolio for £400m | COMMERCIAL PROPERTY
Landsec has sold its entire hotel portfolio, comprising 21 a...
09
|
May
|
Turner & Townsend acquires boutique consultancy | BUSINESS SALE
Leeds-headquartered professional services consultancy Turner...
09
|
May
|
Cheltenham hardware manufacturer undergoes MBO | MBO/MBI
A manufacturer of window and door hardware has been acquired...
14
|
Jun
|
Administrators to sell assets after sportscar and autonomous vehicle firm collapses | ADMINISTRATION
Westfield Sports Cars, a Kingswinford-based company that pro...
12
|
May
|
Bathroom panel firm acquired for up to 9.1x EBITDA | BUSINESS SALE
Bathroom and kitchen products firm Norcros has agreed a deal...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.