URW Agrees to Acquire Remaining Stake in Westfield UTC

Unibail-Rodamco-Westfield (URW) has entered into a conditional agreement to acquire the remaining 50% stake of Westfield UTC, a prime retail asset in San Diego, California, currently held by its joint venture partner. The transaction is valued at approximately $705 million, combining cash and up to 2.6 million new shares, pending price adjustments for closing costs and reimbursements. The deal is expected to conclude by December 31, 2026, subject to share price conditions and standard closures.

This acquisition aligns with URW's 'A Platform for Growth' strategy for 2025-2028, aiming to enhance its portfolio in prime markets across Europe and the US. It is anticipated to be neutral on the Group's LTV and AREPS, while slightly increasing NAV. Westfield UTC, rated A++, would bolster URW’s portfolio of flagship retail assets, supported by its robust cash flow and growth opportunities.