The French parent company of Westfield Culver City is planning to sell off most of its U.S. malls by next year.
Unibail-Rodamco-Westfield's (URW), based in Paris, has announced it would massively trim down its US presence by 2022 to tackle long-term debt problems amid the financial fallout of coronavirus lockdowns.
"At the end of the day, the exposure to the US will be minimal, if not zero," the group's new chief executive, Jean-Marie Tritant, said in a call to journalists.
URW had gross financial debt of $31.3 billion at the end of December and has been selling prime assets as it seeks to refinance its upcoming maturities, company officials said a statement.
The United States accounted for 28 percent of the group's net rental income from shopping centers in 2019 - the second-biggest contributor after France, Tritant said.
Besides Culver City, URW also owns, among other Southland properties, the Fashion Square in Sherman Oaks, Topanga and the Village in Canoga Park and Valencia Town Center. URW was formed in 2018 when Westfield was purchased by Unibail-Rodamco for nearly 25 billion.
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