Westfield Buys Stake in Mall

Westfield America Trust, an Australian property trust that is the majority owner of the Westfield America retail portfolio, is acquiring a 50% stake in Fashion Square Sherman Oaks, a California regional mall, for $67 million from a U.S. affiliate of the Prudential plc.In related transactions, a U.S. affiliate of Prudential ñ a U.K. holding company in the financial services arena that is not affiliated with Prudential Financial ñ has acquired a 25% interest in Westfield America's Garden State Plaza for a total consideration of $193.8 million, including the assumption of $65 million in mortgage debt on the property. As well, the U.S. affiliate of Prudential is acquiring a further 15% interest in Garden State Plaza, a two million square foot New Jersey mall, for $116.3 million in a combination of cash and mortgage debt, between May 2004 and May 2005, the Los Angeles-based Westfield America Trust reports. The affiliate also has the option, exercisable between May 2004 and May 2005, to acquire an additional 10% interest in the property for $77.5 million, also payable in a combination of cash and mortgage debt.