Westfield Palm Desert owners looking to sell mall
The Westfield Mall in Palm Desert may soon change owners.
A Westfield spokesperson said the mall’s lender is considering transferring management of the property to a third party and selling Westfield Palm Desert.
The mall will remain open during this transition period, the spokesperson confirmed.
A Westfield spokesperson confirmed the move in a statement to News Channel 3:
“The lender is looking to transfer management to a third party receiver and sell Westfield Palm Desert in Palm Desert, California. Any potential future sale of the asset would support our strategy of rebalancing our portfolio and divesting certain assets to reshape the way people shop, live, work and play. During the coming transition period, the center will remain open and operational to serve the local community. “
The Palm Desert Shopping Center is owned by the Unibail-Rodamco-Westfield Group, a European-based real estate company that has shopping centers around the world, including 25 in the USA.
This occurs just a few hours after the the Wall Street newspaper reported that Unibail-Rodamco-Westfield was looking to offload its mall assets as the company tried to reduce debt.
Reuters reported in february that Unibail-Rodamco-Westfield was looking to reduce its exposure in the United States to near zero.
“Ultimately, exposure in the United States will be minimal to no,” Jean-Marie Tritant, chief executive of the company, said on a call with reporters.
The company sold three US shopping centers last year.
Stay with News Channel 3 for ongoing updates.