Unibail-Rodamco-Westfield (URW) has sold an outdoor lifestyle destination known as The Village in the San Fernando Valley region of Los Angeles to the Kroenke Organization in a transaction valued at $325M.
URW, the largest mall operator in Europe, has been divesting itself of US mall and shopping centers this year as part of a campaign to reduce the company's debt that so far has yielded deleveraged proceeds from the sale of US assets topping $1.1B.
The Village is a Class A, 600K SF shopping center located next to the Promenade development that URW recently sold for $150M. URW remains the owner of the adjacent 1.5M SF Westfield Topanga.
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