Unibail-Rodamco-Westfield (URW) has sold a 15% stake in the Westfield Forum des Halles, a 77,600sqm flagship shopping centre located in the heart of Paris, to CDC Investissement Immobilier, the real estate arm of French public financial institution Caisse des Dépôts (CDC).
The net disposal price was €235m, in line with its “last unaffected value”.
Listed retail property giant URW now owns 50% of the asset through a joint venture CDC and clients of AXA IM Alts, which own the remaining 35%. URW will continue to manage the asset, which will remain fully consolidated by URW.
URW said it was in active discussions regarding further disposals as part of a deleveraging plan. Since the start of 2024, the company has reduced its net debt by €1.5bn through sales agreements.
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