Jones Lang LaSalle


Federated to sell 15 stores to Westfield
February 17, 2006

Federated Department Stores has agreed to sell 15 department stores located in Maryland, Ohio, Connecticut and California to Westfield Group.

(AP) — Federated Department Stores said Friday it has agreed to sell 15 department stores located in Maryland, Ohio, Connecticut and California to Australian real estate conglomerate Westfield Group.

Federated said proceeds from the sale will be included in the $400 million to $500 million of proceeds it previously estimated from selling duplicate department stores following the acquisition of May Department Stores. Westfield, the world's largest retail property group by market capitalization, owns shopping centers throughout the United States, Australia and Britain.

Federated, the operator of the Macy's and Bloomingdale's chains, has been actively shedding duplicate locations after acquiring former rival May last year. The company said it will complete the Westfield deals in the second quarter of 2006.