Debevoise Advises Westfield Corporation in Divestment of Five Assets in the U.S. for $1.1 Billion

20 December 2015

Debevoise & Plimpton LLP has advised Westfield Corporation in the divestment of five assets in the U.S. for $1.1 billion, in a transaction that was completed on December 18, 2015.

Assets included in the transaction are the shopping centers commonly referred to as Connecticut Post, Fox Valley, Hawthorn, MainPlace and Vancouver.

The investor group is a newly formed joint venture comprising Centennial Real Estate Company as managing member, together with Montgomery Street Partners (an affiliate of Blum Capital Partners), and USAA Real Estate. Westfield Corporation will retain a 20 percent non-managing common equity interest.

Westfield Corporation (ASX Code: WFD) is an internally managed, vertically integrated, shopping center group undertaking ownership, development, design, construction, funds/asset management, property management, leasing and marketing activities and employing approximately 2,000 staff worldwide. Westfield Corporation has interests in 34 shopping centers in the United States and the United Kingdom, encompassing approximately 6,400 retail outlets and total assets under management of $28 billion.

The Debevoise team was led by partner Nicole Levin Mesard and included associates Yosefa A. Englard, Richard A. Grossmann, Serhat T. Krause, Bryn M. Paslawski and Cara Soffer.

Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. We deliver effective solutions to our clients’ most important legal challenges, applying clear commercial judgment and a distinctively collaborative approach.