According to multiple reports, the European company that owns Westfield Annapolis, better known as Annapolis Mall, is hoping to sell many of its American properties by the end of 2023.
The Mall’s parent, Paris-based Unibail-Rodamco-Westfield, bought its 24 U.S. malls from Westfield, an Australian property manager; the companies finalized the $16 billion deal in December 2018.
Unibail estimated that its U.S. malls were worth $13.2 billion last year, the Los Angeles Times said. Real estate analyst Green Street instead valued them at $11.4 billion. Unibail took on a significant amount of debt to buy Westfield and the company hopes to ease some of this debt by selling some of its American assets.
In a statement, Unibail said it will turn its focus toward the wealthiest European cities after this “radical reduction of financial exposure to the U.S.”