URW enters into conditional agreement to acquire remaining 50% of Westfield UTC
Paris, June 10, 2026
Press release
URW enters into conditional agreement to acquire remaining 50% of Westfield UTC
Unibail-Rodamco-Westfield (“URW” or “the Group”) has entered into a conditional agreement to acquire from its joint venture partner the remaining 50% stake in Westfield UTC, an A++ rated flagship asset located in San Diego, California.
The acquisition consideration of c. $705 Mn will comprise a combination of cash and up to 2.6 million new shares to be issued by URW1 (without lock-up restrictions) and is subject to further adjustment for closing costs and reimbursements. Completion of the transaction is subject to URW’s share price and customary closing conditions. The definitive composition of consideration will be announced at closing. The transaction excludes certain land parcels that will continue to be owned in partnership.
Subject to the satisfaction or waiver of agreement conditions, the transaction would close no later than 31 December 2026.
The transaction is expected to be LTV and AREPS neutral, and marginally accretive to NAV. The acquisition of Westfield UTC, one of the best retail assets in the US, would further enhance URW’s unparalleled portfolio of flagship assets in some of the most attractive urban markets in Europe and the US. It is fully consistent with the Group’s ‘A Platform for Growth’ 2025-2028 business plan and targeted return profile, which is underpinned by the asset’s strong cash‑flow profile and identified growth levers.
For more information, please contact:
Investor Relations
Meriem Delfi – +33 7 63 45 59 77 – investor.relations@urw.com
Juliette Aulagnon – +33 6 15 74 20 43 – investor.relations@urw.com
Media Relations
UK/Global
Cornelia Schnepf – FinElk – +44 7387 108 998 – Cornelia.Schnepf@finelk.eu
France:
Franck Pasquier – Image 7 – +33 6 73 62 57 99 – fpasquier@image7.fr
Nathalie Feld – Image 7 – +33 6 30 47 18 37 – nfeld@image7.fr
About Unibail-Rodamco-Westfield
Unibail-Rodamco-Westfield (URW) operates vibrant retail-anchored destinations in many of the world’s best cities and urban areas. This powerful network attracts over 900 million customer visits annually, supports the growth of major retailers, and makes a significant social and economic contribution to local communities.
This network includes 66 owned shopping centres in the US and Europe that represent around 88% of the Group’s €49 Bn asset portfolio – with 41 centres operating under the iconic Westfield brand. URW also has partners who operate Westfield-branded destinations in fast-growing new markets.
Through its ‘A Platform for Growth’ business plan, URW is generating organic growth, leveraging the power of the Westfield brand, and unlocking capital light growth opportunities to generate compelling shareholder returns. This is supported by the Group’s ‘Better Places’ sustainability roadmap, which has established URW as a leader in the real estate industry and one of the 100 most sustainable companies in the world.
URW’s stapled shares are listed on Euronext Paris (Ticker: URW). The Group is rated BBB+ by Standard & Poor’s and Baa2 by Moody’s.
For more information, please visit www.urw.com.
1 i.e. approximately 1.8% of the existing share capital as of June 8, 2026.
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