Westfield has bought at further $69.2m stake in the Valencia Town Center shopping centre in Santa Clarita, California.
The purchase brings Westfield’s total interest in the property to 50%. Westfield has now assumed the management, leasing and development of the centre.
Valencia Town Center is a 859,798 sq ft, two-level enclosed shopping centre anchored by Robinsons-May, Sears and JCPenney.
Managing director Peter Lowy said: “Valencia Town Center provides an excellent geographic fit with our Los Angeles region cluster and offers both short and long-term reinvestment opportunities.”
Westfield’s other portfolio holdings in the Los Angeles region include Westfield Century City, Eagle Rock, Eastland, Fashion Square, Fox Hills, MainPlace, Promenade, Santa Anita, Topanga and West Covina.
References: EGi News 03/02/05
