PARIS (dpa-AFX) - Unibail-Rodamco-Westfield (UNBLF.PK) or URW, an operator of Flagship Destinations, announced Thursday that it has completed the sale of Westfield Santa Anita in Arcadia, California in $537.5 million deal.
The asset was sold to an established commercial real estate investor who owns other retail assets in Southern California.
The sale price was funded by the investor through a combination of equity and new debt. It reflects a sub-6 percent net initial yield and a 10.7 percent discount to the latest unaffected appraisal.
Westfield Santa Anita, an asset in URW's US regional portfolio, is an A rated, 1.48 million square foot property, which is 96 percent leased. It posts sales of $611 per square foot.
The property's H1-2022 tenant sales reached 93 percent of 2019 levels.
According to Eastdil Secured, who advised URW, the transaction is the largest for a mall in the US since 2018.
The sale of Santa Anita is part of the streamlining of URW's regional asset portfolio under its comprehensive deleveraging program that includes the radical reduction of its financial exposure to the US.
URW has made total $0.9 billion of disposals in the US since 2021. In Europe, the company has already made 3.2 billion euros of its 4 billion euros target of disposals.
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