Unibail-Rodamco-Westfield enters into an agreement to sell the SHiFT office building for €620 Mn
12 Ottobre 2020 - 10:00PM
Unibail-Rodamco-Westfield enters into an agreement to sell the
SHiFT office building for €620 Mn
Paris, Amsterdam, October 12, 2020
Press release
Unibail-Rodamco-Westfield enters into an
agreement to sell the SHiFT office building for €620 Mn
Unibail-Rodamco-Westfield today entered into an
agreement with a consortium of French institutional investors
(Primonial REIM, La Française and EDF Invest) for the sale of the
SHiFT office building. The Disposal Price1 of €620 Mn represents a
premium to the June 30, 2020, book value.
This transaction is subject to standard
conditions precedent and is expected to close in January 2021.
SHiFT is located in the business district of
Issy-les-Moulineaux (Paris region) with a GLA of 47,200 sqm. The
property is fully let to Nestlé for its new French headquarters on
a 12-year lease.
The transaction is part of URW’s €9+ Bn RESET
plan to strengthen the Group’s balance sheet and which includes €4
Bn of disposals to be completed by year-end 2021. Upon closing of
this transaction, the Group will have generated €5.3 Bn of net
disposal proceeds since June 2018, at an average net initial yield
of 4.5% and an average premium above book value of 5.6%.
(1) Total Acquisition Cost reduced by the transaction taxes and
expenses incurred by the buyer. As per standard market practice,
the remaining lease incentives will be paid by the vendor.
For further information, please
contact:
Investor Relations Samuel Warwood Maarten
Otte +33 1 76 77 58 02 Maarten.otte@urw.com
Media Relations Tiphaine Bannelier-Sudérie +33 1 76
77 57 94 Tiphaine.Bannelier-Suderie@urw.com
About Unibail-Rodamco-Westfield
Unibail-Rodamco-Westfield is the premier global
developer and operator of Flagship Destinations, with a portfolio
valued at €60.4 Bn as at June 30, 2020, of which 86% in retail, 7%
in offices, 5% in convention & exhibition venues and 2% in
services. Currently, the Group owns and operates 89 shopping
centres, including 55 Flagships in the most dynamic cities in
Europe and the United States. Its centres welcome 1.2 billion
visits per year. Present on two continents and in 12 countries,
Unibail-Rodamco-Westfield provides a unique platform for retailers
and brand events and offers an exceptional and constantly renewed
experience for customers. With the support of its 3,400
professionals and an unparalleled track-record and know-how,
Unibail-Rodamco-Westfield is ideally positioned to generate
superior value and develop world-class projects.
Unibail-Rodamco-Westfield distinguishes itself by its Better Places
2030 agenda, that sets its ambition to create better places that
respect the highest environmental standards and contribute to
better cities. Unibail-Rodamco-Westfield stapled shares are listed
on Euronext Amsterdam and Euronext Paris (Euronext ticker: URW),
with a secondary listing in Australia through Chess Depositary
Interests. The Group benefits from an A- rating from Standard &
Poor’s and from an Baa1 rating from Moody’s.
For more information, please visit
www.urw.comVisit our Media Library at
https://mediacentre.urw.comFollow the Group updates on Twitter
@urw_group, Linkedin @Unibail-Rodamco-Westfield and Instagram
@urw_group
- Unibail-Rodamco-Westfield enters into an agreement to sell the
SHiFT office building for €620 Mn
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