Unibail-Rodamco-Westfield (URW) has sold Westfield Valencia Town Center, a regional mall in Santa Clarita, California, to Centennial Real Estate (Centennial) for $199 million, above the $195 million debt amount on the asset.
In completing the transaction, URW has contributed to its deleveraging target while partnering with Centennial and its lenders to establish an alternative to the transfer of ownership back to its lenders.
The transaction value reflects a less than 3% discount to its last unaffected appraisal.
Westfield Valencia Town Center is an A- rated, 1 million square foot centre, with occupancy of 87%.
Since 2021, URW has generated $1.8 Bn in US deleveraging proceeds with the following transactions:
- In 2023: Westfield Valencia Town Center, 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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