Westfield puts UK mall up for sale

Global property giant Westfield Group (ASX: WDC) has put its shopping centre in the UK city of Derby up for sale. If sold, it would leave the company with just four assets remaining in the UK.

The mall was valued at £394.3 million ($671 million) in December 2012 and is being sold as the group focuses on selling non-core assets and using the proceeds to expand or redevelop its more profitable stores.

As it stands, should the sale prove successful the company would have just two premium London malls as well as properties at Merry Hill in the Midlands and Sprucefield in Northern Ireland remaining.

Westfield also plans to spend around $3.4 billion on developments in London over the next couple of years, including its mega Westfield London mall, which is on a site that is reportedly 9.3ha in size.

Foolish takeaway

At today’s price of just $10.84 per share, Westfield is an attractive prospect to add to your portfolio. Although it faces headwinds such as an expanding online retail sector, it is setting itself up for a strong future and is well worth your consideration.

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Motley Fool contributor Ryan Newman does not own shares in any of the companies mentioned in this article.

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