Property giant Westfield Group put its UK shopping center up for sale. The company cited expansion and development for other stores as the reason for this sale. This was according to a report published by The Motley Fool Australia.
The mall in question is located in the city of Derby. Its value was set at GBP394.3 million or USD671 million in December. The shopping center was being sold because Westfield wanted to focus on selling its non-core assets and use the proceeds to develop its more profitable outlets, the report explained.
If successful, the sale of the Derby mall would leave Westfield with only four assets in the UK. These would include two premium malls in London, and properties in the Midlands and Northern Ireland, the report said.
Over the next few years, Westfield would be spending around USD3.4 billion for the development of its London properties over including the Westfield London mall. The mall stands on a site that spans 9.3 hectares, The Motley Fool Australia said.
Join the Conversation