Unibail-Rodamco-Westfield (URW) has sold the 34-acre site of the former Promenade Mall, located in the San Fernando Valley of Los Angeles, to a group of private investors.
The sale price of $150 million (at 100%, URW share 55%) reflects a 60% premium to the latest appraisal, the company said in a statement.
URW recently completed the city’s planning and development process for the property, securing approval for a dynamic 3.2 million square foot mixed-use development aligned with the area’s existing Warner Center 2035 Specific Plan.
URW owns and operates the adjacent Westfield Topanga & The Village flagship destinations.
URW said this transaction demonstrates the significant potential for alternative investment in and around the company’s assets, which URW can leverage to support its efforts to deleverage.