Westfield Santa Anita has been sold for over $500M. Image: Unibail-Rodamco-Westfield.
  • The asset is partly owned by URW
  • Reflects a 10.7% discount to the latest unaffected appraisal
  • Largest sale of mall in USA since 2018

Unibail-Rodamco-Westfield (ASX: URW) has announced it has completed the sale of an American shopping centre. The transaction is the largest for a mall in the United States since 2018, according to Eastdil Secured, who advised URW.

The Westfield Santa Anita in Arcadia, California, has been sold to an established commercial real estate investor who owns other retail assets in Southern California, said URW.

The shopping centre was sold for $537.5 million, and URW’s share is 49%. The sale price reflects a sub-6% net initial yield and a 10.7% discount to the latest unaffected appraisal.

The A-rated building has 137,800 square metres (1.48 million square feet) of gross lettable area, was acquired in 1998, and last refurbished in 2012. The property is 96% leased and post sales of $611 per square foot.

The sale comes as part of URW’s streamlining of its regional asset portfolio, part of the Group’s comprehensive deleveraging program that includes the radical reduction of its financial exposure to the US.

Since 2021, the company has made $0.9 billion (URW share) of disposals in the US. These include Westfield Santa Anita, the site of the former Promenade Mall in San Fernando Valley, California, the Palisade residential building in San Diego, California, and the ownership transfer of five other regional properties.

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