Meditrust Completes Sale of Santa Anita Mall

Meditrust Cos. has completed the sale of its 50% stake in Santa Anita Park Fashion Mall to Los Angeles-based mall owner Westfield America Inc. for $40 million as part of Meditrust’s larger restructuring plan. Westfield had already acquired 39.7% interest in the property in November from TrizecHahn Corp. as part of a larger shopping center portfolio purchase. Needham, Mass.-based Meditrust had said it would sell its interest in the mall to help it reorganize and cut debt. Earlier this month, Meditrust sold the Santa Anita Park racetrack to Magna International Inc., Canada’s largest auto parts maker, for $126 million. Meditrust shares fell 6 cents to close at $14.38 on the NYSE. Its stock has declined 54% this year.