Chattanooga, Tenn., CBL & Associates Properties has entered into two separate agreements with the Westfield Group involving four St. Louis-area malls.
The first agreement will provide Westfield Group to contribute three St. Louis-area regional malls to a CBL-controlled investment vehicle, CW Joint Venture, LLC. CBL will contribute six of their existing wholly owned malls and three associated centers to the joint venture.
The second agreement provides for CBL to acquire a fourth regional mall from Westfield, Chesterfield Mall.
These four malls have a total estimated gross value of $1.03 billion.