Westfield's French Parent Company Plans To Sell U.S. Malls

CULVER CITY, CA — A new financial report from Westfield's French parent company reveals that changes could be heading to Westfield Culver City and Westfield Century City, as the company plans to sell its U.S. malls.

Malls and department stores have taken a big hit in the pandemic. And although indoor dining is reopening in Los Angeles County this week, there could be some shifts at the Los Angeles Westfield malls.

Unibail-Rodamco-Westfield is a commercial real estate company in Paris that manages a number of malls across the world. It released its 2020 earnings report in February 2021, stating that Westfield malls had only 70 days of normal operations in 2020, as most of the year the company's locations were under various restrictions and closed due to the pandemic.

"We are implementing a programme to significantly reduce our financial exposure to the US when the investment market reopens which should happen with the US economy rebound in 2022," Jean-Marie Tritant, Chief Executive Officer said in a statement. "Our continued access to credit markets and ample liquidity will allow us to complete our deleveraging objectives in an effective and orderly way."

"Looking forward, the Group sees good prospects for a solid recovery starting at some point in the second half of the year, as vaccination efforts achieve critical mass and restrictions get lifted," according to a company statement. "Government support means that consumer finances in the Group’s markets remain robust and the Group firmly believes that people will again seek out the mix of top brands and great experiences offered by URW’s Flagship destinations when they are able to."

"URW is very confident in the quality of its assets and the enduring strength of its business and teams, according to the company. "The Group, with its newly reconfigured management team, is taking all necessary measures to address these challenges in the best possible manner and strategically position URW for the future."

Patch reached out to the company for more information about the sale and possible changes. The company declined to comment further but pointed to the report.

See the full report from the company.

See more: Bloomingdale's Closing Santa Monica Store In Final Clearance Sale

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