French retail property giant Unibail-Rodamco-Westfield (URW) is acquiring the remaining 50% stake in Westfield UTC in the US from its joint venture partner for $705m.

URW said it has agreed to acquire the 115,800sqm flagship asset in San Diego, California, in a deal comprising cash and the issuance of up to 2.6m new URW shares.

The transaction excludes certain land parcels, which will continue to be held under the existing partnership.

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