Valley Fair owner offers up discounted shares in effort to pay down debt(0)
Valley Fair’s owner, Westfield Group — the world’s biggest shopping-center owner by market value — is set to offer 276 million shares at $10.50 each, 13 percent below where they ended in trading on the Australian stock exchange Monday, in an effort to pay down its debt, according to a story by Bloomberg News.
Sales dropped 6.8 percent in the final quarter of 2008 at specialty stores in U.S. malls operated by Westfield compared with the year-earlier period, Bloomberg reported. Occupancy at Westfield’s U.S. malls fell to Read the rest of this entry »
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