By Andrea Figueras
Unibail-Rodamco-Westfield has sold its stake in a shopping mall in California to U.S. operator Centennial Real Estate in a deal that values the asset at $199 million, the European retail-property company said Monday.
The price of the sale of Westfield Valencia Town Center–in which Unibail-Rodamco-Westfield had a 50% share–represents a discount of less than 3% to the asset’s last unaffected appraisal as of Dec. 31, the company said. The deal will establish an alternative to the transfer of ownership back to the company’s lenders, Unibail-Rodamco-Westfield said.
The company said the price is above the $195 million in debt on the asset, with its share accounting for half of that amount. Unibail-Rodamco-Westfield previously said it had decided not to repay the debt on Westfield Valencia Town Center, which matured on Jan. 1, in line with its efforts to reduce debt in the U.S.
This sale adds to Unibail-Rodamco-Westfield’s estimated $1.8 billion of deleveraging proceeds in the U.S. since 2021, it said.
Write to Andrea Figueras at [email protected]
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