This article is from the Australian Property Journal archive
ASX-listed Unibail-Rodamco-Westfield (URW)’s Westfield Century City in Los Angeles has raised $925 million of new financing as part of the shopping centre giant’s ongoing financial planning.
The new financing is a two-year floating rate CMBS with the option for three one-year extensions with a spread of 280. Basis points over SOFR.
Fully owned by URW, the 1.4 million sq ft asset is 95.4% leased and has no existing financing. Its value was independently appraised at $1.94 billion in May 2023, implying a loan-to-value ratio of 47.6%.
“As stated at our H1 2023 results, the radical reduction of URW’s US financial exposure remains the path forward,” said URW CFO Fabrice Mouchel.
“The strong business performance across all markets, our low cost of debt, our ample liquidity position, our tight capital expense control and our net debt-to-EBITDA ratio all provide us with flexibility on the timing of this process.”
