Unibail-Rodamco-Westfield is continuing to slim down its US portfolio with the sale of a 34-acre site in Los Angeles’ San Fernando Valley.
The site of the the former Promenade Mall has been sold to a group of private investors for $150m (£115m), a 60% premium to its latest valuation. URW owns a 55% stake in the site.
URW recently secured plans for a 3.2m sq ft mixed-use redevelopment of the site, aligned with the area’s existing Warner Center 2035 Specific Plan.
URW owns and operates the adjacent Westfield Topanga & The Village flagship destinations. It hopes that the deal will allow alternative investment in and around the company’s assets, which URW can “leverage to support its efforts to deleverage”.
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