Westfield looking to sell stakes in three UK malls

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."

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