Westfield, Canadian Pension Fund Form $5B Mall Venture

Law360, New York (February 15, 2012, 4:48 PM EST) -- Australian mall owner Westfield Group and the investment management arm of Canada's national pension system have formed a $4.8 billion joint venture out of a dozen Westfield mall properties in California, Maryland and Washington, the companies announced Wednesday.

The Canada Pension Plan Investment Board will own a 45 percent stake in the joint venture with its $1.8 billion equity investment. The 10 regional malls and two redevelopment sites in the portfolio, currently owned by Westfield, have a total gross value of $4.8 billion.

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