Westfield Sells Stake in London Retail Center
Sydney-based Westfield Group has agreed to sell a 50 interest in the retail component of Westfield Stratford City in London for £871.5 million to a new joint venture between APG of The Netherlands and the C$129.7 billion Canada Pension Plan Investment Board. The transaction values the retail component of Stratford City at £1.743 billion.
Westfield’s development of Stratford City, which is located adjacent to the site of the 2012 London Olympics, primarily will include a 176,516-square-meter major retail and entertainment destination, and is due for completion in third quarter 2011. As of November 2010, approximately 75 percent of the retail area was either leased or committed. The center will be anchored by John Lewis, Marks & Spencer, Waitrose and an all-digital Vu