• Thu. May 19th, 2022

Westfield Trumbull’s parent company is selling all of its malls in the US

ByLinda W. Smith

Apr 7, 2022

TRUMBULL, CT — Westfield mall parent company Trumbull plans to sell all of its malls in the United States as the French company exits the U.S. market, according to media reports.

Unibail-Rodamco-Westfield SE, which owns two dozen shopping centers in the United States, including Westfield Trumbull, paid approximately $24.7 billion, including debt, to acquire the shopping center portfolio in 2018. Westfield Trumbull is the the company’s only mall in Connecticut.

The main reason for the US exit can be summed up in one word, coronavirus, Benzinga reported. As consumers increasingly turned to online shopping, malls across the country suffered a loss of customers.

Jean-Marie Tritant, CEO of Unibail, said in a statement that the sale of the US shopping centers will allow the company to focus on its key region, Europe.

“By 2024, we will have successfully reshaped the business to capture future growth, centered on our portfolio of flagship destinations in Europe’s wealthiest cities and catchment areas,” Tritant said.

Specifically, what this means for Westfield Trumbull is not immediately known, other than that it will be sold by 2024. A spokesperson for the mall declined to comment beyond Tritant’s announcement according to which Unibail became a “European pure play with a portfolio of high-quality products, high-performance assets located in the continent’s richest cities and catchment areas”.

In recent months Westfield Trumbull has lost restaurants and required emergency repairs to fix a hole that opened up in a car park.

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