Unibail-Rodamco-Westfield (URW) has agreed to sell the office component of the Gaîté-Montparnasse mixed-use complex in Paris, France, to a joint venture between Norges Bank Investment Management and Swiss Life Group for €172.5 mln.
he transaction reflects a 4% discount to the latest book value.
The 12,500 m2 office space, which is 100% let to Wojo, an Accor group coworking operator, was completed in 2022 as part of a major redevelopment which includes the URW owned and operated Les Ateliers Gaîté shopping centre, the refurbished Pullman Paris Montparnasse hotel, residential units, as well as community-oriented retail and amenities.
The transaction is subject to standard conditions precedent and is expected to be completed during Q4-2024.
With this transaction, URW has now completed or secured €0.8 bn of transactions in 2024, which will reduce the group’s proportionate net debt by the same amount.
In addition, the group remains engaged in active discussions with potential buyers on a further €0.6 bn of disposals.
