Fresh from buying Hammerson out of its 50/50 joint venture in Croydon, south London, Unibail-Rodamco-Westfield has said it is still committed to selling down its European portfolio and “radically” reducing its exposure to the US.
The firm, which has reported a slight uptick in revenue to €909m (£805m) in the first three months of 2023, said it would sell the remaining €800m of its €4bn European disposal target this year.
The group is also offloading the majority of its US assets and is currently in discussions to sell its Westfield Valencia project in California, having taken the decision to not repay the $195m (£156m) of debt secured on the property. The asset is currently valued at just over $100m. Last month, URW sold its Westfield North County ground lease, also in California, to Bridge Group Investments and Steerpoint Capital for $57m. It has 30 years left on the ground lease.
