This article is from the Australian Property Journal archive
FRENCH multinational shopping centre owner Unibail-Rodamco-Westfield (URW) is deleveraging from European and US Regional assets, selling two centres for circa €0.5 billion.
Continuing its deleveraging program, URW has signed agreements to sell Pasing Arcaden in Munich, Germany and Westfield Annapolis in Maryland, US.
The 46,300sqm Pasing Arcaden shopping centre and circa 7,000sqm of office and residential space was sold at a net disposal price of €388 million (AU$637.37 million) to Ingka Group’s Ingka Centres.
URW will continue to manage the German centre for a transition period of up to 24 months.
URW also continued to streamline is US Regional portfolio, selling Westfield Annapolis for US$160 million (AU$236.28 million) to a consortium that includes Centennial and Sandeep Mathrani.
These transactions reflect a blended 3.9% discount to last book value and a total of €0.6 billion in transactions for 2024.
URW remains engaged in active discussions with potential buyers on a further €0.8 billion of disposals.
Despite improved foot traffic in its centres, URW posted a net loss of €692.4 million for FY23, back in February, reflecting a drop from 2022’s €233.7 million loss.
