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CALIFORNIA | REAL ESTATE | THE STATE

Westfield America Buys Malls for $184 Million

June 05, 1997|(Bloomberg News)

Los Angeles-based real estate investment trust Westfield America said it has purchased the Wheaton Plaza and Annapolis Mall in Maryland for $184 million, bringing its total number of regional shopping centers in the U.S. to 23. The company, which is affiliated with Australia's Westfield Holdings Ltd., one of the top five shopping center companies in the world, also said it completed a $600-million credit agreement with National Australia Bank Ltd., Commonwealth Bank of Australia, Australia & New Zealand Banking Group and Union Bank of Switzerland. The credit was provided in conjunction with Westfield America's May 21 initial public offering. Proceeds will be used to refinance mortgage loans and to fund redevelopments and acquisitions. The company owns 23 major shopping centers in 10 metropolitan areas in California, Colorado, Connecticut, Maryland, Missouri, New York and Washington.

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