Westfield  Group  (ASX:  WDC)  is pleased  to announce  an  agreement  with  O'Connor Capital  Partners  (O'Connor)  for  a  series  of  transactions  which  will  result  in  a  joint venture investment in a portfolio comprising six Westfield regional malls in Florida, US.

O'Connor's investment will represent a 49.9% interest in this portfolio, which has a gross value of US$1.283  billion.   The price paid by O'Connor  is equal to the Group's  book value.  Westfield will remain as property, leasing and development manager on terms consistent with the Group's other joint ventures.

"This agreement carries on the Group's strategy of introducing joint venture partners into our assets globally as well as disposing of non-core assets," said Westfield Group Co- Chief Executive Officer Peter Lowy.

Westfield   will   realize   approximately   US$700   million   in   net   proceeds   from   the transactions.

Prior to the redeployment  of capital, the transactions are dilutive to the Group's Funds from Operations (FFO) in 2013 by approximately 1 cent per security.  The dilution is expected to be offset by the redeployment of capital, including the on-market buyback of WDC  securities.  Since  the  announcement  of  the  Group's  2012  full  year  results  in February 2013, 19 million securities have been purchased under the buyback program for $212 million.

The transactions are subject to financing and other customary closing conditions and are expected to close in the second quarter 2013.

Founded in 1983, O'Connor Capital Partners is a privately held, independent manager, owner, operator and developer of real estate.

Attached is a schedule detailing the assets to be included in the joint venture.

ENDS

Media contact:
Julia Clarke
P 0293587000
E jclarke@au.westfield.com

The Westfield Group (ASX Code: WDC) is an internally managed, vertically integrated, shopping centre group undertaking ownership, development, design, construction, funds/asset management, property management, leasing and marketing activities and employing around 3,800 staff worldwide. The Westfield Group has interests in and operates one of the world's largest shopping centre portfolios with investment interests in 105 shopping centres across Australia, the United States, the United Kingdom, New Zealand and Brazil, encompassing over 22,800 retail outlets and total assets under management of A$64.4bn.

This release contains forward-looking statements, including statements regarding future earnings and distributions. These forward-looking statements are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which

are beyond our control, and which may cause actual results to differ materially from those expressed in

the statements contained in this release. You should not place undue reliance on these forward- looking statements. These forward-looking statements are based on information available to us as of the date of this presentation. Except as required by law or regulation (including the ASX Listing Rules) we undertake no obligation to update these forward-looking statements.