Westfield in talks to buy 12 US stores

Australian shopping centre giant Westfield is in discussions to buy 12 stores from the US owner of the famous Macy’s chain Federated Department Stores. Federated, which is about to conclude an $11bn (£6.3bn) merger with rival May Department Store Company, has announced plans to sell 68 surplus department stores. The list of stores targeted for sale by Federated includes 12 stores in Westfield’s US shopping centre portfolio, which the group is now hoping to buy. Managing director Peter Lowy said: “The discussions are at an initial stage and will take some time to complete. “If successful, the purchase of these stores would create the opportunity to further redevelop and improve our portfolio, as well as substantially increase our development pipeline in the United States.” Westfield’s US portfolio includes a total of 50 stores currently operated by the May Company and 39 stores operated by Federated. The 12 stores Westfield hopes to acquire are: Filenes, Westfield Trumbull, Connecticut Hecht’s, Westfield Wheaton, Maryland Kaufmann’s, Westfield Richland, Ohio Robinsons-May, Westfield Fox Hills, California Robinsons-May, Westfield MainPlace, California Robinsons-May, Westfield North County, California Robinsons-May, Westfield Plaza Camino Real, California Robinsons-May, Westfield Santa Anita, California Robinsons-May, Westfield UTC, California Macy’s, Westfield Palm Desert, California Macy’s, Westfield Palm Desert, California Macy’s, Westfield West Covina, California References: EGi News 29/07/05