Westfield Group has announced a $US4.8 billion ($A4.7 billion) joint venture over 12 assets in the United States with Canada Pension Plan Investment Board (CPPIB).
The company also has agreed to sell interests in three shopping centres in the United Kingdom (UK) for STG159 million ($A240 million).
"Today's announcement follows on from the strategic initiatives we have undertaken since November 2010, beginning with the establishment of the Westfield Retail Trust," Westfield's co-CEOs Peter Lowy and Steven Lowy said in a statement on Westfield.
"Since that time, we have expanded our operating platform globally and reduced our capital invested by entering into strategic joint ventures and disposals of non-core assets."
The US transaction was expected to be completed during the first quarter of 2012, Westfield said.
"These initiatives provide the group with approximately $9 billion of capital for redeployment into out higher return opportunities," Westfield said in a statement.
"These opportunities include the Group's share of the $11 billion development pipeline, our recent expansion into the new market of Brazil as well as the investment in major iconic projects at Milan, Italy, and the World Trade Centre in New York."
