URW sells Los Angeles-based The Village, reduces US financial exposure
Retail park conglomerate Unibail-Rodamco-Westfield (URW) has completed the sale of its San Fernando Valley location The Village to the Kroenke Organisation, owner of NFL team the Rams.
The Los Angeles-based retail park sold for a price of 325 million dollars, reflecting an initial yield of 5.6 percent on the in-place net operating income, and a 10.6 percent discount to the last unaffected appraisal, according to a press release.
It adds to a number of recent sales made by the group, including its Promenade development site, located next to The Village, which recently sold for 150 million dollars.
URW noted its flagship property in the area, Westfield Topanga, was not part of the deal.
It has further sold Westfield Santa Anita and the Palisade residential building, both forming a collective sale price of 775.5 million dollars.
The company said it has made 1.1 billion dollars in total proceeds to date from the planned reduction of its financial exposure to the US.
Speaking on the most recent move, Fabrice Mouchel, chief financial officer of URW, said: “This transaction is another step in the streamlining of our US regional asset portfolio as part of our wider plan to radically reduce our financial exposure to the US, and demonstrates the continued investor interest in high quality assets with strong operating performance.”