Westfield South Shore Parent Company To Sell Off American Malls

BAY SHORE, NY —The parent company of the Westfield Trumbull mall is planning to sell the majority of its American malls, by the end of 2023, Patch reports.

Unibail-Rodamco-Westfield, the French company which owns two-dozen malls in the U.S., including Westfield South Shore, paid about $24.7 billion, including debt, to acquire the portfolio of malls in 2018.

Westfield South Shore is the company's only mall on Long Island, and one of two malls in New York.

According to a report in Bezinga, the parent company suffered a financial loss due to the coronavirus, where customers turned to online shopping.

The sales come four years after purchasing the properties four years ago for roughly $14 billion.

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.

It is unclear if Westfield South Shore will be affected; representatives have declined to comment.