Sydney, Australia-based Westfield, which has its US operationshere, is selling the properties because they are not part of itscore portfolio and don't fit in with the company's long-termredevelopment strategy, says Peter Lowy, Westfield's group managingdirector. The company has divested similar assets in the UnitedKingdom.

Centro is taking full ownership of two of the centers, the720,366-sf Enfield (CT) Square; and the 476,829-sf Westland, inLakewood, CO. It is also acquiring a 95% interest in the otherfive, while Westfield will hold the remaining interest. Thosecenters are the 456,959-sf Eagle Rock, in Los Angeles; theone-million-sf Independence, in Wilmington, NC; the 1.1-million-sfMidway Mall, in Elyria, OH; the 727,185-sf Richland Mall, inMansfield, OH; and the 501,038-sf West Park Mall, in CapeGirardeau, MO.

Australia-based Centro owns shopping centers in its homecountry, New Zealand and the US. The cap rate of its deal withWestfield comes in at 7%.