After selling off stakes in its U.S. mallsin recentyears, in part to fund its entry into emerging exit its joint venture in Brazil, according to Fox Business. Westfield has sold its 50 percent stake in the joint venture back to its Brazilian partner, Almeida Junior Family, with scant explanation other than that it was not "conducive to the achievement of the group's long-term objectives in Brazil.", Australian regional mall operator Westfield Group has suddenly opted to
Westfieldagreed to purchase a 50 percent interest in the Brazilian malloperator forroughly $466 million in August 2011, according to Bloomberg.The partners planned to pursue growth through greenfield and acquisitions, but no transactions have been announced since the venture was launched.
An article in The Australian earlier this year noted that declines in the value of Brazilian currency and tensions between Westfield and Almeida, possibly over the two firms' tolerance to risk, were putting the venture in jeopardy.