URW sells shopping centre in US for $220m

URW sells shopping centre in US for $220m

Paris-based commercial real estate company Unibail-Rodamco-Westfield (URW) has sold the Westfield Brandon shopping centre, located in Brandon, Florida, for $220m.

The sale price of $220m (URW share 100%) reflects a 10.0% net initial yield and a 4.4% discount to the latest unaffected appraisal.

Westfield Brandon is an A-minus-rated 107,000 sqm (1.15m square foot) property with occupancy at 84.5%.

URW has now generated $1.6bn (€1.4bn) in total proceeds from the planned radical reduction of its financial exposure to the US.

Fabrice Mouchel, Chief Financial Officer of URW, said: “URW continues to achieve deleveraging progress, even in a more challenging financing environment. With these two transactions, we have now generated €4.7bn in disposal proceeds since 2021 and consistently improving credit metrics. The Group’s robust operational performance and strong liquidity position will allow us to complete our deleveraging programme, including a radical reduction of our US financial exposure, in a timely and disciplined manner.”

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