Westfield Group increases investment in Los Angeles, California shopping center (AU/USA)

Westfield today announced that it has acquired an additional interest in Valencia Town Center in Santa Clarita, California for a net purchase price of US$69.2 million.

The acquisition, together with Westfield’s existing interest, brings the total ownership interest in the property to 50%. The current yield on Westfield’s total investment is 8.1%. Westfield will assume the management, leasing and development of the center.

Valencia Town Center is a 859,798 square foot, two-level enclosed super regional shopping center anchored by Robinsons-May, Sears and JCPenney along with 150 specialty stores both enclosed and outdoors. Valencia Town Center is located in the Los Angeles Metropolitan Statistical Area (MSA) in a high growth suburban market north of the San Fernando Valley. It serves a primary trade area (PTA) population of more than 227,000, (projected to grow by 10.6% by 2009), with average household incomes in excess of US$86,800.

“Valencia Town Center provides an excellent geographic fit with our Los Angeles region cluster and offers both short and long-term reinvestment opportunities,” said Managing Director Peter Lowy.

Westfield´s other portfolio holdings in the Los Angeles region include Westfield Century City, Eagle Rock, Eastland, Fashion Square, Fox Hills, MainPlace, Promenade, Santa Anita, Topanga and West Covina.

Source: Westfield

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