Westfield has bought A$725m (£290m) of shopping centres in Australia and the USA.
In the USA, Westfield has bought the ground lease for the wholly-owned Westfield 1.3 m sq ft Southcenter in Seattle, Washington for $200m (£107m).
The participating ground lease effectively gave the lessor a 50% interest in the income of the property.
Westfield also announced that it had started a $224m (£120m) redevelopment of the mall that will add around 400,000 sq ft.
In a separate deal, Westfield has acquired a 50% interest in Cairns Central shopping centre in far north Queensland.
The share was acquired from Coles Myer Limited for A$160m (£64m).
Westfield will now jointly own the property with Australian Prime Property Fund (APPF), extending the partnership with APPF to three joint ventures in its portfolio.
Westfield Group managing director Steven Lowy said: “These transactions will significantly strengthen our portfolio in their respective markets.
“At Southcenter it will allow us to maximise the value of one of our best assets in the US, while Cairns represents a long-term investment in a new market with considerable growth potential.”
References: EGi News 10/10/06
