Westfield Garden State Plaza's Parent Selling All U.S. Malls: Reports

Paramus NJ

11 April, 2022

11:17 AM

Description

PARAMUS, NJ — The parent company of the Westfield Garden State Plaza is planning to sell all its malls in the United States by next year as the French-based firm exits the U.S. market, according to media reports. Unibail-Rodamco-Westfield SE, which owns two-dozen malls in the U.S., including in Bergen County, paid about $24.7 billion, including debt, to acquire the portfolio of malls in 2018. The main reason for the U.S. exit can be summed up in one word, coronavirus, reported Benzinga. As consumers increasingly turned to online shopping, malls across the nation suffered a loss of customers. Jean-Marie Tritant, Unibail's CEO, said in a statement that selling the U.S. malls will allow the company to focus on its key region, Europe. "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," Tritant said. Westfield has 24 locations in the U.S., in California, Connecticut, Maryland, Florida, Illinois, New York and Washington state as well as the Garden State Plaza in Paramus. GSPlaza had no further comment about the sale. Patch editor Al Branch contributed to this report.