Unibail-Rodamco-Westfield (URW) has completed the sale of both of the parcels which make up the Westfield Mission Valley shopping centres in San Diego, California.
The transaction amounts to a total consideration of $290 million (at 100%, URW share 42%), including the sale of Westfield Mission Valley “East” to Lowe Enterprises and Real Capital Solutions, and Westfield Mission Valley “West” to Sunbelt Investment Holdings Inc.
The transaction value reflects a combined initial yield of 8.5% on the in-place NOI and a 12% discount to the last unaffected appraisal.
Mission Valley is a mature asset which originally opened in the early 1960s, undergoing its last significant renovation in the 1990s. It is a B-minus-rated, 1.5 million square foot property with occupancy at 71%.
To date, URW has generated $1.7bn in US deleveraging proceeds:
- In 2023: Westfield Brandon, Westfield Mission Valley East and West, and Westfield North County.
- In 2022: the Promenade development parcel, The Village, Westfield Santa Anita, Westfield South
Shore and Westfield Trumbull. - In 2021: the Palisade residential building and the ownership transfer of five other regional
properties.
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