Tue, 20 Dec 2011 | DIVISION SALE
Australian shopping mall giant, Westfield, is reported to be exploring the option of offloading three of its shopping centres in the UK and Northern Ireland to its joint venture partners, as part of its strategy to focus on its larger UK assets.
Westfield is looking to divest its stakes in Belfast's CastleCourt shopping centre, the Royal Victoria shopping centre in Tunbridge Wells, Kent, and the Friary mall in Guildford, Surrey. Industry magazine, Estates Gazette, has reported that the company is looking to strike a deal with its partner, Hermes Real Estate. Hermes is said to have already joined forces with another partner company for the planned buyout deal.
The founder of Westfield, Frank Lowry, said that the divestment was part of the company's efforts to reduce its "exposure to less productive assets in the US and UK".
Belfast-based retail analyst, Donald McFetridge, said that the exit of Westfield from the malls was not a sign of retail difficulties, rather a long-term strategy of the company.
"This appears to have been on the cards for quite some time and appears to fit in with Westfield's overall development plans," McFetridge told the Belfast Telegraph. "Their schemes are hugely successful, particularly their new developments in London with shoppers flocking there to spend their hard-earned cash, even in these economically challenging times."
This longstanding East London business is a well-respected glazing contractor and glass processor with a solid reputation for quality and customer service, making it an ideal acquisition for companies seeking to expand in the double-glazing sector or...
This is an exciting opportunity to acquire a well-established heating and mechanical services company with a strong client base and a steady stream of revenue from long-standing relationships. The business offers the potential for expansion into elec...
Present to market the opportunity to acquire a historic and successful retail business specialising in the sale of home appliances. With a rich history spanning over sixty years, our client has played a vital part at the heart of its community for ge...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.