Westfield exits Brazilian venture

Westfield, the Australian shopping mall giant, has sold its stake in a Brazilian joint venture less than two years after entering the country. Co-chief executive Steven Lowy yesterday said it has decided to sell its 50 per cent interest in Almeida Junior Shopping Centres back to the group because “the partnership was not conducive to the achievement of the group’s long term objectives in Brazil”. It bought the stake in 2011 for A$440m (£294m) in 2011.