Unibail-Rodamco is selling a portfolio of French shopping centres for €931m to Carmila as part of a larger disposal plan.
The French REIT said it had agreed to sell the six centres to Carrefour’s Carmila vehicle, which was created in April this year and backed by institutional investors including Amundi, AXA, Blue Sky Group, BNP Paribas Cardif, Colony Capital, Crédit Agricole Assurances, Pimco and Sogecap. The firms jointly hold 58% of Carmila, with Carrefour holding a 42% stake.
Carmila has been given exclusivity on the portfolio until October, with closing expected by year-end. A sale of the six properties, which are anchored by Carrefour hypermarkets, will reflect a net yield of 5.5%.
In February this year, Unibail-Rodamco said it was looking to sell between €1.5bn and €2bn of assets over the next five years as it concentrates on larger assets.
Property analysts at JP Morgan said, with nearly 50% of the upper end of Unibail-Rodamco’s guidance sold, the REIT was clearly ahead of plan on the disposals.
Christophe Cuvillier, Unibail-Rodamco chief executive, said: “We are pleased that we have been able to quickly and efficiently deliver on its stated goal of further reshaping its portfolio to focus on assets with the highest return potential.”
Carmila, meanwhile, said it had also agreed to take three Spanish centres off Carrefour’s books. The centres are being sold for €182m.
Carmila, which has a €2.7bn portfolio of shopping centres, is focusing its efforts on shopping centres anchored by Carrefour in France, Spain and Italy.
Earlier this year, Carrefour paid Klépierre €2bn for a portfolio of 126 shopping malls in France, Spain and Italy. Carrefour also sold a €700m portfolio of 45 centres to Carmila.