Unibail Rodamco-Westfield (URW) has plans to exit the U.S. market by the of 2023.
The company valued its U.S. portfolio at $13.2 billion, at the end of last year, and Wall Street Journal reported the company can achieve its deleveraging target even if the portfolio sells at a 30 percent discount of its internal valuation. It acquired the assets in 2018.
“Following the completion of its comprehensive deleveraging program, which includes the radical reduction of financial exposure to the United States in 2022 and 2023, URW will emerge as a European pure play with a portfolio of high-quality, high-performing assets located in the continent’s wealthiest cities and catchment areas,” according to a news release.
European retail NRI will represent the vast majority of URW income and is expected to return to pre-COVID-19 lev
