Listed retail specialist Unibail-Rodamco has confirmed it is selling five shopping malls in the Netherlands to its smaller Dutch peer Wereldhave for EUR 235 mln. The divestment is part of the company's strategy to focus on large shopping centres around Europe. The deal will generate an undisclosed capital gain relative to the book value of the assets at end-December 2009.
Listed retail specialist Unibail-Rodamco has confirmed it is selling five shopping malls in the Netherlands to its smaller Dutch peer Wereldhave for EUR 235 mln. The divestment is part of the company's strategy to focus on large shopping centres around Europe. The deal will generate an undisclosed capital gain relative to the book value of the assets at end-December 2009.
The portfolio consists of Eggert Shopping Center in Purmerend, De Koperwiek in Capelle aan de IJssel, De Roselaar in Roosendaal, WoenselXL in Eindhoven and Overvecht in Utrecht. The total GLA of the five centres is put at some 60,000 m2. The transaction is expected to be finalised in March.
Wereldhave had announced earlier that it planned to expand in the UK and France, but has had trouble finding the right assets. Commenting on the acquisitions from Unibail-Rodamco, Hans Pars, CEO of Wereldhave, said: 'This transaction brings the number of our mid-sized shopping centres in the Netherlands from three to eight, thus providing us a solid position on the Dutch shopping centre market. All five centres meet our high demands with respect to quality of the catchment area and market position of the centre.
'This purchase fits perfectly in our strategy to increase our investments in shopping centres and shows that we have the financial position to make use of attractive investment opportunities in the markets where we are active.'
Separately, Unibail-Rodamco declined to comment on market rumours that it is in talks with Allianz on the sale of Capital 8 in Paris and with Deka on the sale of the Paris headquarters of Euronext. It also declined to comment on reports that it is interested in the purchase of Cap Mall in Nice.