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Intu to Acquire U.K. Malls From Westfield for $1.4 Billion

Intu Properties Plc, the U.K.’s largest shopping-mall owner, agreed to buy three retail centers from Westfield Group for 867.8 million pounds ($1.4 billion) including working capital.

Intu will purchase a mall in the English city of Derby and the Sprucefield retail park in Northern Ireland, as well as a 50 percent stake in the Westfield Merry Hill center near Birmingham, the London-based company said in a statement today. To finance the acquisitions, Intu will raise about 500 million pounds in a share sale and will also raise new debt facilities of 423.8 million pounds.