Business Services Industry
London-based firm increases share of Paramus, N.J., shopping center.
Knight Ridder/Tribune Business News, July, 2004
By Joan Verdon, The Record, Hackensack, N.J. Knight Ridder/Tribune Business News
Jul. 1--Garden State Plaza in Paramus, owned since 1993 by Australian shopping center powerhouse Westfield, now is half-Australian and half-British.
Westfield announced Wednesday that Prudential PLC, a London-based financial services and investment firm that has been a part owner of the center since 2002, has paid $193.8 million to increase its ownership stake to 50 percent.
Westfield will continue to manage the property, and the ownership change will not impact shoppers or mall tenants, a Westfield spokeswoman said.
Prudential PLC, which is not related to Newark-based Prudential Financial Inc., first acquired a 25 percent stake in the Plaza as...
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