European listed property giant Unibail-Rodamco-Westfield (URW) said on Thursday that it has agreed to sell a 45% stake in the Westfield Carré Sénart shopping centre in Greater Paris to French insurers Societe Generale Assurances and BNP Paribas Cardif.
The offer price reflects a value for the entire asset of €1 bn. As part of the transaction, a consortium of banks is providing a secured financing package of up to €310 mln.
URW has granted the buyers a rental guarantee of up to €13.5 mln for a duration of up to three years from closing of the transaction. It has also entered into a long-term joint venture and management contract to provide asset and property management services.
Westfield Carré Sénart is a 117,000 m2 shopping and leisure destination. Following two extensions delivered in 2017 and 2019, the centre attracted close to 12 million visits in 2019 and is the 10th most visited shopping centre in France. The centre also benefits from a BREEAM Excellent rating.
Commenting on the announcement, Jean-Marie Tritant, Group CEO of URW, said: 'We are pleased to announce the completion of this transaction and the creation of a long-term partnership with two leading French institutional investors. The agreement is fully in line with our European disposal strategy to find the right joint venture partners for select assets, allowing us to release capital while continuing to leverage our established management capabilities.'
The transaction is expected to close in Q1-2022. Upon closing, URW will have completed €2.5 bn of its planned €4 bn European disposal programme.
