Following the announcement in October, Westfield America Trust (ASX: WFA) announced today that it has completed the transaction to acquire a 50% interest in Fashion Square Sherman Oaks for US$67 million from a U.S. affiliate of the United KingdomÂ's Prudential plc. Simultaneously, a U.S. affiliate of Prudential plc has acquired a 25% interest in Westfield AmericaÂ's Garden State Plaza with a value of $193.8 million, consisting of US $128.8 million in cash and US$65.0 million in mortgage debt on Garden State Plaza.
A U.S. affiliate of Prudential plc will acquire a further 15% interest in Garden State Plaza for US$116.3 million between May 2004 and May 2005 for a combination of cash and mortgage debt. It also has an option to acquire up to an additional 10% interest for US$77.5 million, which is exercisable between May 2004 and May 2005, for a combination of cash and mortgage debt. WestfieldÂ's Managing Director, Peter Lowy, said the company was pleased with the transaction and with the opportunity to joint venture with Prudential plc.