Paris-based Unibail-Rodamco has announced the closing of its acquisition of a controlling stake in Mfi, second-largest shopping centre developer-owner in Germany from global asset manager Perella Weinberg Partners.
Paris-based Unibail-Rodamco has announced the closing of its acquisition of a controlling stake in Mfi, second-largest shopping centre developer-owner in Germany from global asset manager Perella Weinberg Partners.
In a statement earlier this month Unibail-Rodamco, Europe's largest listed property company, said it had also signed the agreement to acquire 50% of Ruhr-Park shopping centre, and the deal is expected to close in a few weeks.
The two transactions were originally announced in mid-June.
Unibail-Rodamco said it would pay EUR 383 mln in a deal that gives it access to German retail assets valued at EUR 1.5 bn and a EUR 530 mln development pipeline.
Under the deal, Unibail-Rodamco will acquire a 51% stake in the holding company which owns 90.4% of Mfi for EUR 297 mln, a 5.5% yield. The stake will be taken over from a fund managed by Perella Weinberg.
Unibail-Rodamco's acquisition of a 50% stake in the Ruhr Park shopping centre for EUR 86 mln reflects a net initial yield of 4.8% and an asset value of EUR 190 mln. In addition, the deal includes a three-year put option for Perella Weinberg to sell its remaining 49% stake in Mfi to Unibail-Rodamco for EUR 288 mln from the second half of 2014.
Unibail-Rodamco and Perella Weinberg also agreed to work together on future investments in Germany in a bid to create a major player in the shopping centre segment.
