December 3, 2021

50signs

The Fashion Spirit

Westfield mall owners glimpse to promote browsing centre

3 min read

The owner of the Westfield Palm Desert says it can be on the lookout to sell the entire mall. 

The move arrives as portion of a more substantial prepared offer-off by Unibail-Rodamco-Westfield Group, a European property company, which designs to divest most of its U.S. belongings and use individuals money to lower its debt.

URW was hit difficult by the pandemic, reporting an operating decline of more than $8.2 billion past year as COVID-similar mall closures and asset depreciations hammered its organization.

A URW spokesperson mentioned that the Westfield Palm Desert sale was aspect of this broader “technique to rebalance (the firm’s) portfolio and divest certain assets.” 

The mall, at Freeway 111 and Monterey Avenue, opened in the early 1980s. Its existing tenants incorporate Macy’s, J.C. Penney, Dick’s Sporting Goods, H&M, and Barnes and Noble. 

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