French retail real estate giant Unibail-Rodamco-Westfield (URW) said Wednesday it is acquiring full ownership of its Westfield UTC shopping center in San Diego from its joint venture partner. The $705-million acquisition will be funded with a combination of cash and up to 2.6 million new shares to be issued by URW.
Acquiring the remaining 50% stake in the 1.2-million-square-foot open-air center will be subject to URW’s share price and customary closing conditions. The deal excludes certain land parcels that will continue to be owned by the JV.
In a statement, URW said, “The acquisition of Westfield UTC, one of the best retail assets in the U.S., would further enhance URW’s unparalleled portfolio of flagship assets in some of the most attractive urban markets in Europe and the U.S. It is fully consistent with [URW’s] ‘A Platform for Growth’ 2025-2028 business plan and targeted return profile.”
