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Commonwealth Property sells $610 million of assets to Westfield Trust

Commonwealth Property sells $610 million of assets to Westfield Trust

(25th November 2003 – Australia) Colonial First State Property, which manages the Commonwealth Property Fund (CPF), has sold 50 percent of its interests in three shopping centres to Westfield Trust for $610 million. CPF has held the assets of the shopping centres – located at Belconnen in the Australian Capital Territory, and the Marion and Arndale centres in South Australia – in joint venture vehicles with Westfield Trust for 16 years.

CPF fund manager, Rod Cowdroy, said the tender process generated strong interest in the market.

"We were able to realise an excellent price for stakeholders, at a significant premium to appraised value."

Once the three shopping centres have been divested, CPF will comprise of five assets with a combined value of $1.5 billion.
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