The owner of the Westfield Garden State Plaza mall is selling its U.S. holdings as part of a plan to become a European pure play, it announced recently.
Unibail-Rodamco-Westfield, based in Paris and Amsterdam, owns American properties in New York, California and elsewhere, as well as the giant shopping center in Paramus — its only New Jersey property.
“This is the beginning of an exciting journey for URW that will reshape the business to focus on our core strengths in Europe, create a new media platform and unlock value from our asset portfolio to generate sustainable growth by 2024 and beyond,” CEO Jean-Marie Tritant said in a prepared statement.
The company said it will engaged in a “radical reduction of financial exposure to the U.S.” this year and in 2023. It owns 85 shopping centers in Europe and the U.S., including what it calls 53 “flagship” properties.
It did not provide specific details about the Garden State Plaza or any other U.S. holdings.