Unibail-Rodamco-Westfield has disposed of five French shopping centres valued at more than €2bn (£1.8bn) to a joint venture between URW, Crédit Agricole Assurances and La Française.
The jv has acquired Aéroville and So Ouest in the Paris region, Rennes Alma in Rennes, Toison d’Or in Dijon, and Confluence in Lyon. Crédit Agricole Assurances and La Française hold a 54.2% stake in the jv, and URW 45.8%.
The jv secured €1bn financing for the deal.
As part of the deal, a rental guarantee of up to €45m has been granted to the jv to cover a possible shortfall in net rental income up to 31 December 31 2024.
Christophe Cuvillier, group CEO of URW, said: “The closing of this transaction is a major milestone in the group’s disposal strategy.
“In a very challenging environment, it demonstrates the quality of our assets and illustrates the trust of our partners in the management of URW to cope with the current situation and to generate future growth in the assets we operate.”
To send feedback, e-mail lucy.alderson@egi.co.uk or tweet @LucyAJourno or @estatesgazette
