Countries: United States
Westfield America Trust, which owns 51% of Westfield America, Inc. (WEA), today announced that WEA has agreed to purchase the 50% interest in Meriden Square shopping centre, Connecticut, that it does not currently own for US$54.5 million.
The acquisition will be funded from WEA's US$600 million bank line of credit.
The Managing Director of Westfield's U.S. operations and executive director of Westfield America Trust, Mr. Peter Lowy, said: "The purchase is expected to have a positive effect on earnings over time and Westfield America Trust remains on track to meet its prospectus forecasts."
WEA currently owns 50% of Meriden Square which is located close to the city of Hartford, Connecticut. The centre is on a 25-hectare site and has two retail levels with three department stores (Filene's, J.C. Penney and Sears) and 113 mall stores. It has a total of 69,400 square metres of gross leasable area with potential for redevelopment.
WEA also owns three other malls in Connecticut: Trumbull Shopping Park, Connecticut Post Mall and Enfield Square. The total leasable area of the four Connecticut malls is approximately 316,000 square metres.
The buy-out by WEA of its partner in Meriden Square follows the purchases in June of the remaining 70% of Annapolis Mall that it did not already own and a 68% interest in Wheaton Plaza, both centres being in the Washington D.C. area.
WEA, a Real Estate Investment Trust with a market capitalisation of approximately US$1.35 billion, is one America's leading owners of regional shopping centres. It owns 23 major shopping centres in 10 metropolitan areas in the States of California, Colorado, Connecticut, Washington D.C./Maryland, Missouri, New York and Washington.
Westfield Group