Unibail-Rodamco-Westfield, Europe's largest mall operator, is planning to exit the US market and sell its portfolio of US mall properties by the end of 2023, according to a report in The Wall Street Journal.
The move comes four years after Paris-based Unibail-Rodamco SE acquired Westfield Corp.'s mall properties for $15.7 billion. The portfolio includes some of the largest and highest-profile mall properties in the US, including the mall at the World Trade Center in New York.
Unibail valued its US portfolio at $13.2 billion at the end of last year. Without disclosing the sale price they're aiming for, company executives told WSJ they believe Unibail can hit its "deleveraging target" even if the portfolio sells at a 30% discount off 2021 valuations.
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