SAN DIEGO: Unibail-Rodamco-Westfield said it has entered into a conditional agreement to acquire the remaining 50% stake in Westfield UTC, an A++ rated flagship shopping center in San Diego, from its joint venture partner.
The deal values the acquisition at approximately $705 million and will be paid through a combination of cash and up to 2.6 million newly issued URW shares without lock-up restrictions. The final consideration is subject to adjustment for closing costs and reimbursements, and its definitive composition will be announced at closing, the company said.
Completion of the transaction depends on URW’s share price and customary closing conditions. Certain land parcels tied to the property will continue to be owned jointly. The deal is expected to close no later than Dec. 31, 2026, subject to the satisfaction or waiver of the agreement’s conditions.
URW said the acquisition is expected to be neutral to loan-to-value ratio and adjusted recurring earnings per share, while marginally accretive to net asset value.
Westfield UTC is considered one of the top-performing retail assets in the U.S., and the move aligns with URW’s “A Platform for Growth” 2025-2028 business plan. The company cited the property’s strong cash flow and identified growth levers as key underpinnings of the transaction’s targeted return profile.
URW owns and operates retail-anchored destinations across Europe and the U.S., including 66 wholly owned shopping centers that make up about 88% of its €49 billion asset portfolio. Forty-one of those centers operate under the Westfield brand.
The company’s stapled shares trade on Euronext Paris under the ticker URW. URW holds a BBB+ rating from Standard & Poor’s and a Baa2 rating from Moody’s.
