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Starwood Said to Offer $1.2 Billion US Shopping Malls for Sale

Starwood is selling malls it had acquired from Westfield Corp. including assets in Chicago, San Francisco and Cleveland.
A shopping mall | Source: Shutterstock
By
  • Bloomberg

GREENWICH, United States — Starwood Capital Group LLC hired Eastdil Secured LLC to broker the sale of US malls valued at about $1.2 billion, according to two people with knowledge of the matter.

Starwood is selling malls it had acquired from Westfield Corp. including assets in Chicago, San Francisco and Cleveland, the people said, asking not to be identified as the sales process is private. Starwood and Eastdil declined to comment.

Bleak earnings forecasts from department stores, Internet shopping and bankruptcy filings by firms including Sports Authority Inc. and teen-clothing chain Aeropostale Inc. have damped demand for malls among investors. Poorer quality malls face a “very tough environment”, Blackstone Group LP’s global head of real estate Jon Gray said June 6.

A Bloomberg index of regional mall landlords has gained 4.4 percent this year.

By Ed Hammond and Jack Sidders; editors Neil Callanan, Elizabeth Fournier and Amy Thomson.

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