Default Swaps Penalize Westfield Group Most Since 2009: Australia Credit

Westfield Group is being penalized in credit markets more than global peers as the world’s biggest mall operator faces weaker sales growth in the U.S. and at home.
In Australia, data released yesterday showed consumer confidence has plunged 16.9 percent in the past year, while in the U.S. an unemployment rate over 9 percent for six months will limit retail sales growth during this year’s holiday season, the National Retail Federation said this week. For Westfield, the world’s biggest mall owner, that may increase vacancies and lower what it can charge tenants in its two biggest markets.


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Simon Property Buys Most of Pennsylvania Mall

Mall giant Simon Property Group Inc. has bought out most of its partners to take majority ownership of Pennsylvania's King of Prussia Mall, one of the most lucrative shopping centers in the U.S.

In a series of deals finalized in recent weeks, Simon has boosted its ownership share in the 2.4 million-square-foot mall in King of Prussia, Pa., to 96% from 12.4%, according to a person familiar with the matter. The largest transaction involved Simon's purchase of a 50% stake that Australia's Lend Lease Corp.


http://online.wsj.com/article