Unibail-Rodamco-Westfield to Sell Shopping-Centers Stake for EUR1.5 Billion
12 Febbraio 2020 - 6:50PM
Dow Jones News
By Carlo Martuscelli
Unibail-Rodamco-Westfield SE said Wednesday that it will sell a
stake in a portfolio of five shopping centers to Credit Agricole
Assurances and La Francaise for net proceeds of 1.5 billion euros
($1.6 billion).
The Amsterdam-listed commercial property company said the
transaction will be conducted through the creation of a joint
venture in which it will hold a 45.8% stake, with CAA and La
Francaise holding the remaining share.
The deal--which includes a stake in the Aeroville, So Ouest,
Rennes Alma, Toison d'Or and Confluence shopping centers--implies
an offer price of EUR2.04 billion for the entirety of the assets,
with a net interest yield of 4.8%, URW said. It is expected to be
completed in the second quarter of the year.
URW made a net income of EUR1.10 billion in 2019, up from
EUR1.03 billion the year before. Net rental income rose 7.9% to
EUR1.99 billion.
Write to Carlo Martuscelli at carlo.martuscelli@wsj.com;
@carlomartu
(END) Dow Jones Newswires
February 12, 2020 12:35 ET (17:35 GMT)
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