Unibail-Rodamco-Westfield’s plan to radically reduce its exposure to the United States by the end of next year could end up costing CMBS investors. A total of 13 of the company’s malls are encumbered by $3.07 billion of financing that’s been securitized. Fitch Ratings expects the resolution of nine of those assets to result in losses, some of which could be hefty.

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