Back in 2017, Unibail, the current owner of the Westfield Mall portfolio, bought the slate of shopping centers for $15.7 billion. The French based corporation announced recently that it is unloading those properties. According to a report in Newsday, Unibail estimated the value of its American malls at around $13.2 billion but hasn’t disclosed an actual selling price.
Those malls include South Shore mall in Bay Shore.
The pandemic and a major shift in how consumers shop has affected the mall business over the last decade, causing distress for brick-and-mortar stores everywhere.
No buyer has stepped up yet and it is unclear if the malls will be sold as a set or individually.
The company will refocus on its European stores. It has 39 properties, including 21 malls, plus a number of office buildings and convention centers in France, according to a report in Bisnow.
A statement released by Unibail said that the corporation’s comprehensive deleveraging program is on track.
“By 2024, we will have successfully reshaped the business to capture future growth, centred on our portfolio of Flagship destinations in the wealthiest cities and catchment areas in Europe,” said Jean-Marie Tritant, Chief Executive Officer of Unibail.