UNIBAIL-RODAMCO-WESTFIELD SELLS PROMENADE DEVELOPMENT PARCEL TO PRIVATE INVESTORS
March 15 2022 - 1:00AM
Paris, Amsterdam, March 15, 2022
Press release
UNIBAIL-RODAMCO-WESTFIELD SELLS PROMENADE DEVELOPMENT
PARCEL TO PRIVATE INVESTORS
Unibail-Rodamco-Westfield (“URW”) announced
today the continued streamlining of its US regional portfolio with
the sale of the 34-acre site of the former Promenade Mall, located
in the San Fernando Valley of Los Angeles, to a group of private
investors. URW recently completed the city’s planning and
development process for the property, securing approval for a
dynamic 3.2 million square foot mixed-use development aligned with
the area’s existing Warner Center 2035 Specific Plan.
URW owns and operates the adjacent Westfield
Topanga & The Village flagship destinations. This transaction
demonstrates the significant potential for alternative investment
in and around the company’s assets, which URW can leverage to
support its efforts to deleverage.
The sale price of $150 Mn (at 100%, URW share
55%) reflects a 60% premium to the latest appraisal.
For further information, please contact :
Investor RelationsMaarten Otte+33 7 63 86 88
78Maarten.Otte@urw.com
Media Relations Cornelia Schnepf –
Finelk+44 7387 108 998Cornelia.Schnepf@finelk.eu
Robyn Cottelli (US)Robyn.Cottelli@URW.com+1 929 254 83 09
About Unibail-Rodamco-Westfield
Unibail-Rodamco-Westfield is the premier global
developer and operator of Flagship Destinations, with a portfolio
valued at €54.5 Bn as at December 31, 2021, of which 86% in retail,
6% in offices, 5% in convention & exhibition venues and 2% in
services. Currently, the Group owns and operates 85 shopping
centres, including 53 Flagships in the most dynamic cities in
Europe and the United States. Present on two continents and in 12
countries, Unibail-Rodamco-Westfield provides a unique platform for
retailers and brand events and offers an exceptional and constantly
renewed experience for customers.
With the support of its 2,800 professionals and
an unparalleled track-record and know-how,
Unibail-Rodamco-Westfield is ideally positioned to generate
superior value and develop world-class projects.
Unibail-Rodamco-Westfield distinguishes itself by its Better Places
2030 agenda, that sets its ambition to create better places that
respect the highest environmental standards and contribute to
better cities. Unibail-Rodamco-Westfield stapled shares are listed
on Euronext Amsterdam and Euronext Paris (Euronext ticker: URW),
with a secondary listing in Australia through Chess Depositary
Interests. The Group benefits from a BBB+ rating from Standard
& Poor’s and from a Baa2 rating from Moody’s.
For more information, please visit
www.urw.comVisit our Media Library at
https://mediacentre.urw.comFollow the Group updates on Twitter
@urw_group, Linkedin @Unibail-Rodamco-Westfield and Instagram
- Unibail-Rodamco-Westfield sells Promenade development parcel to
private investors
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