Westfield Group will sell eight shopping centres in the United States for $US1.15 billion ($A1.11 billion) so it can pay down debt and invest in developments such as the new World Trade Centre in New York.

The shopping centre giant on Wednesday said Starwood Capital Group would own the majority interest in seven of the centres while the eighth, Eastland, was being sold in a separate transaction.

Westfield co-chief executive Peter Lowy said the sales represented another step in the company’s strategic plan to increase return on equity and long-term earnings growth.

“The proceeds from the transactions will initially pay down corporate debt and then be redeployed in higher-return redevelopment opportunities in the US including the World Trade Centre,” Mr Lowy said in a statement.

“We have previously flagged the potential divestment of non-core assets in the US and this transaction is an important step in the repositioning of our portfolio to major retail assets with strong franchise characteristics.”

Westfield said the transaction values were about equal with the current book value of the assets.

The sales are expected to have an annualised dilutionary impact to the group’s funds from operations of about two cents per security, prior to the redeployment of capital and the effect of any buy back of Westfield Group securities.

The group’s forecast distribution for the 2012 year of 49.5 cents per security remains unchanged.

Starwood would manage and control the platform with Westfield retaining a 10 per cent interest, Westfield said.

The Starwood transaction is expected to close in the second quarter of 2012.

Westfield agreed to sell Eastland, a centre in West Covina, California for $US147 million ($A142.42 million).

Westfield securities closed up 30 cents at $9.17.