Unibail-Rodamco-Westfield (URW) has announced the sale of a 51% stake in the Pasing Arcaden shopping centre in Munich to Ingka Centres in a deal valuing the asset at €388 mln.
Pasing Arcaden provides 46,300 m2 of retail space and 7,000 m2 of offices and residential accommodation.
As part of the transaction, URW will continue to manage the centre for a transition period of up to 24 months.
The transaction is expected to be completed during Q4-2024.
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