URW: announces sale of Westfield Valencia Town Center
(CercleFinance.com) - Unibail-Rodamco-Westfield today announced that it has sold Westfield Valencia Town Center, a Regional mall in Santa Clarita, California, to Centennial Real Estate at a total value of $199 million (at 100%, URW share 50%), above the $195 million debt amount (at 100%, URW share 50%) on the asset.
Westfield Valencia Town Center is an A-rated, 1 million square foot centre, with occupancy of 87%.
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.
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