Unibail-Rodamco-Westfield successfully completes the disposal of five French shopping centres valued at more than €2 Bn
29 Maggio 2020 - 5:45PM
Unibail-Rodamco-Westfield successfully completes the disposal of
five French shopping centres valued at more than €2 Bn
Paris, Amsterdam, May 29, 2020
Press release
Unibail-Rodamco-Westfield successfully completes
the disposal of five French shopping centres valued at more than €2
Bn
Unibail-Rodamco-Westfield (URW) today announces
the successful completion of the disposal of a portfolio of five
shopping centres in France to the Joint Venture (JV) formed by URW,
Crédit Agricole Assurances and La Française, announced on February
12, 2020.
Christophe Cuvillier, Group CEO of URW,
commented: “The closing of this transaction is a major milestone in
the Group’s disposal strategy. In a very challenging environment,
it demonstrates the quality of our assets and illustrates the trust
of our partners in the management of URW to cope with the current
situation and to generate future growth in the assets we operate.
Today marks the beginning of a new strategic partnership formed
with Crédit Agricole Assurances and La Française and we look
forward to working and succeeding with them.”
The consortium of leading investors comprised of
Crédit Agricole Assurances and La Française will hold 54.2% of the
newly formed JV and URW 45.8%. The new JV now owns the following
assets: Aéroville and So Ouest in the Paris region, Rennes Alma in
Rennes, Toison d’Or in Dijon and Confluence in Lyon.
As at today, three of these centres have
re-opened post the COVID-19 restrictions, showing encouraging
footfall performance - with Alma in particular already at around
90% of pre-crisis levels - as well as, based on information from
tenants, higher average baskets and conversion rates. The other two
centres will re-open tomorrow, May 30.
The implied offer price for the assets at 100%
is €2,032 Mn(1), as announced on February 12. A syndicate of banks
has funded the underwritten €1.0 Bn secured financing for the JV,
with a 7-year maturity.
In light of the COVID-19 crisis and reflecting
URW’s confidence in the strength of these assets, the Group has
made some adjustments to provide comfort to the co-investors. The
total exposure for URW under these adjustments amounts at most to
only 2.4% of the implied price of the assets at 100%:
- A rental guarantee of up to €45 Mn has been granted to the JV
to cover a possible short-fall in net rental income over the
business plan to December 31, 2024. URW’s net maximum exposure
under the guarantee is €24.4 Mn;
- A participative loan and earn-out mechanism has been
implemented, with a maximum amount at risk of €24.5 Mn and a
potential earn-out to URW of €20 Mn should the returns to investors
be lower or exceed the agreed levels.
Notes:
- Excluding one tenant which exercised a pre-emption right.
For further information, please contact:
Investor Relations Samuel Warwood Maarten Otte +33 1 76
77 58 02Maarten.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 €65.3 Bn as at December 31, 2019, of which 86% in retail,
6% in offices, 5% in convention & exhibition venues and 3% in
services. Currently, the Group owns and operates 90 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 2 continents and in 12 countries,
Unibail-Rodamco-Westfield provides a unique platform for retailers
and brand events and offers anexceptional and constantly renewed
experience for customers.With the support of its 3,600
professionals and an unparalleled track-record and know-how,
Unibail-Rodamco-Westfield is ideally positioned to generate
superior value and develop world-class projects. As at December 31,
2019, the Group had a development pipeline of €8.3
Bn.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 A3 rating from Moody’s.
For more information, please visit www.urw.com
Visit our Media Library at https://mediacentre.urw.com Follow the
Group updates on Twitter @urw_group, Linkedin
@Unibail-Rodamco-Westfield and Instagram @urw_group
- Unibail-Rodamco-Westfield successfully completes the disposal
of five French shopping centres valued at more than €2 Bn
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