O'Connor Capital Partners, a privately held real estate company, has bought 49.9 percent ownership of the Westfield Group's six regional malls in Florida, including ones in Brandon, Citrus Park and Countryside.
Westfield will continue as property, leasing and development manager for the malls, and customers should see no change in the shopping experience.
O'Connor paid $700 million for its minority stake in the malls, which have a gross value of $1.3 billion.
One of the world's largest shopping center owners, the Australian-based Westfield Group operates 105 centers in Australia, New Zealand, United States, United Kingdom and Brazil. The latest transaction reflect's the company's strategy of introducing joint-venture partners into its assets and disposing of noncore assets.
New York-based O'Connor owns retail, office, residential and industrial properties in the United States and Mexico.