URW sells Westfield Santa Anita in California for $537.5m
The 1.48 million square foot property is 96% leased and the mall features big names including Nordstrom, Coach, Sephora, H&M, Michael Kors and Zara. Its tenant sales in the first half were 93% of 2019 levels.
It’s been acquired by an “established commercial real estate investor” that owns other retail assets in Southern California and the transaction is the largest for a mall in the US since 2018.
The sale of Santa Anita “marks ongoing progress in the streamlining of URW’s regional asset portfolio, part of the group’s comprehensive deleveraging program that includes the radical reduction of its financial exposure to the US”.
In total, URW has made $0.9 billion worth of disposals in the US since 2021, including Westfield Santa Anita. In Europe, it has already made €3.2 billion of its €4 billion target of disposals.
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