In a deal valued at $1.6 billion, Australian REIT Westfield Group agreed to sell seven of its U.S.-based regional malls to Starwood Capital Group, Bloomberg reports. Starwood will take over the management of the properties, while Westfield will retain a 10 percent stake in the assets.
The portfolio includes three malls in Ohio, two in California, one in Indiana and one in Washington, the report states.
This is the second mall portfolio sale that Westfield has done with Starwood in recent years. In April of 2012, the Australian company sold eight malls to Starwood for $1 billion.