Unibail-Rodamco-Westfield (URW) has entered into a conditional agreement to acquire the remaining 50% stake in its Westfield UTC shopping center in San Diego for approximately $705 million. The deal, expected to close by year-end, will be funded by cash and newly issued URW shares.
The acquisition signifies URW's strategy to consolidate ownership of prime retail assets, potentially leading to greater control over leasing and future redevelopment opportunities for one of San Diego's significant shopping destinations.
French retail real estate giant Unibail-Rodamco-Westfield (URW) has agreed to acquire the remaining 50% stake in its Westfield UTC shopping center in San Diego from its joint venture partner for approximately $705 million. The deal, which is conditional and expected to close by December 31, 2026, will be funded through a combination of cash and up to 2.6 million newly issued URW shares.
Certain land parcels associated with the property will continue to be owned jointly. URW stated that the acquisition is expected to be neutral to its loan-to-value ratio and adjusted recurring earnings per share, while being marginally accretive to its net asset value. The company views Westfield UTC as an "A++ rated flagship asset" and a key part of its "A Platform for Growth" 2025-2028 business plan, aiming to strengthen its portfolio of flagship shopping centers in major urban markets.