Unibail-Rodamco-Westfield Enters Conditional Agreement to Acquire 50% of Westfield UTC for Approximately $705M

Acquisition to Integrate a Key Californian Asset

URW has secured a conditional agreement to acquire the remaining 50% stake in Westfield UTC, an A++ grade commercial property located in San Diego, California. The agreed price is approximately $705 million, consisting of a combination of cash and up to 2.6 million new URW shares (unrestricted), subject to adjustments for closing costs and reimbursements. The closure of the transaction remains contingent on URW's share price and usual closing conditions. The final composition of the consideration will be announced at closing. The transaction excludes certain land parcels that will remain jointly owned. If the conditions of the agreement are satisfied or waived, it is expected to conclude by December 31, 2026. URW notes that the acquisition should be leverage neutral (LTV) and have a neutral impact on adjusted earnings per share (AREPS), and slightly accretive to the net asset value (NAV).

A Transaction Aligned with the 2025-2028 Strategic Plan

The acquisition is fully aligned with the group's 'A Platform for Growth' 2025-2028 strategy, backed by the asset's strong cash flow profile and identified growth levers. URW emphasizes that Westfield UTC is one of the premier commercial assets in the United States and that its integration would strengthen its unparalleled portfolio of flagship properties in the most attractive urban markets in Europe and the United States.