Paris, Amsterdam, December 27, 2022
Unibail-Rodamco-Westfield Sells The Town in the San Fernando Valley
take transactionyes total URW US deleveraging proceeds a $1.1 billion1
Unibail-Rodamco-Westfield (“URW”) announced today that it has completed the sale of The village, an outdoor lifestyle destination in the San Fernando Valley of Los Angeles, to The Kroenke Organization. The sale price of $325 Mn (100%, URW 55% participation), reflects an initial return of 5.6% over the current Operating Margin, and a discount of 10.6% over the last unaffected appraisal.
The Village is an A+ rated 600,000 sf property located adjacent to the Promenade development site, which URW recently sold for $150Mn (100%, URW shares 55%). URW’s flagship property in the area, Westfield Topanga, was not part of the transaction.
With the sale of The Village, URW has realized $1.1 billion in total proceeds to date from the planned reduction of its financial exposure to the US by $150 Mn (URW 55% interest), the Palisade residential building for $238 Mn (55% of URW 50%) and the transfer of ownership of five other regional properties.
Fabrice Mouchel, CFO of URWsaid: “This transaction is another step in rationalizing our portfolio of US regional assets as part of our broader plan to radically reduce our financial exposure to the US, and demonstrates continued investor interest in high-quality assets with strong operating performance.
For more information, contact:
+33 6 61 27 07 39
+44 7387 108 998
Molly Morse – Kekst CNC
+1 212 521 4826
Nathalie Feld – Image7
+33 6 30 47 18 37
Unibail-Rodamco-Westfield owns, develops and operates high-quality, sustainable real estate assets in the most dynamic cities in Europe and the United States.
The Group operates 80 shopping centers in 12 countries, including 45 that carry the iconic Westfield brand. These hubs attract more than 900 million visits a year and provide a unique platform for retailers and brands to connect with consumers. URW also has a high-quality office portfolio, 10 convention and exhibition venues in Paris, and a €3 billion pipeline of development projects primarily of mixed-use assets. Currently, its portfolio of €55,000 M is distributed 87% in retail, 6% in offices, 5% in convention and exhibition venues and 2% in services (as of June 30, 2022).
URW is a committed partner to major cities in urban regeneration projects, both through mixed-use development and building retrofits to industry-leading sustainability standards. These commitments are reinforced by the Group’s Better Places 2030 agenda, which strives to generate a positive environmental, social and economic impact in the cities and communities where URW operates.
URW’s stapled shares are listed on Euronext Amsterdam and Euronext Paris (Ticker: URW), with a secondary listing in Australia via Chess Depositary Interests. The Group benefits from a BBB+ rating from Standard & Poor’s and a Baa2 rating from Moody’s.
For more information please visit www.urw.com
About the Kroenke Organization
The Kroenke Organization is owned by E. Stanley Kroenke, owner/chairman of the Super Bowl LVI champion Los Angeles Rams and developer of SoFi Stadium and Hollywood Park, a nearly 300-acre sports and entertainment destination in Inglewood, California.
Much of Kroenke’s professional life has been spent in real estate development. In 1983, he founded the Kroenke Group, a leading national firm that builds and manages shopping malls and apartment buildings in the United States. The Kroenke Group owns and operates shopping malls in 39 states totaling 40 million square feet. Throughout his career, he has launched and transformed dozens of business ventures, including television and radio stations, warehouses, and renowned vineyards and ranches throughout North America and Europe. At a confluence of his areas of expertise (sports, retail, commercial and residential development), Kroenke built SoFi Stadium and continues to develop Hollywood Park.
1 To the quota of the URW Group to date.