The deal values the assets at $120m below their book value as at the end of December 2012 and in line with its book value at 30 June this year.
Westfield Group co-CEO Peter Lowy said, “Today’s announcement continues the implementation of our strategic plan which positions WDC to generate greater shareholder value.
“We are focused on redeploying our capital into superior retail destinations in major cities through divesting non-core assets and introducing joint venture partners into our high quality portfolio of assets.”
The deal is expected to be closed in the final quarter of the year.
Earlier this year Starwood closed its Starwood Distressed Opportunity Fund IX, which reached its cap of $4.2bn.
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