Paris, Amsterdam, December 27, 2022
press release
Unibail Rodamco Westfield sold That Village in the San Fernando Valley
accept transactions total URW Debt Relief Proceeds in the US to $1.1 billion1
Unibail-Rodamco-Westfield (“URW”) today announced the closing of the sale of The village, an outdoor lifestyle destination in Los Angeles’ San Fernando Valley, to the Kroenke Organization. The sale price of $325 million (at 100%, URW interest 55%) reflects an initial yield of 5.6% on net operating income on site and a discount of 10.6% to the latest unaffected estimate.
The Village is an A+ rated 600,000 square foot property adjacent to the Promenade development that URW recently sold for $150M (100% owned, URW interest 55%). URW’s flagship property in the area, Westfield Topanga, was not part of the transaction.
With the sale of The Village, URW has so far received total proceeds of $1.1 billion from the planned reduction of its US financial exposure, including the sale of Westfield Santa Anita for $537.5 million (URW interest 49% ), the $150 million Promenade development package (URW interest 55%), the $238 million Palisade residential building (URW interest 50%) and the transfer of ownership of five other regional properties.
Fabrice Mouchel, CFO of URWsaid, “This transaction is another step in the rationalization of our regional US asset portfolio as part of our broader plan to radically reduce our US financial exposure and demonstrates continued investor interest in high-quality assets with strong operating performance.”
For more information, please contact:
Investor Relations
Audrey Arnoux
+33 6 61 27 07 39
audrey.arnoux@urw.com
Media Relations
UK/Worldwide:
Cornelia Schnepf-Finelk
+44 7387 108 998
Cornelia.Schnepf@finelk.eu
United States:
Molly Morse – Biscuits CNC
+1 212 521 4826
molly.morse@kekstcnc.com
France:
Nathalie Feld – Picture 7
+33 6 30 47 18 37
nfeld@image7.fr
Via Unibail Rodamco Westfield
Unibail-Rodamco-Westfield is the owner, developer and operator of…
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