URW continues US and EU sales programme

Unibail-Rodamco-Westfield has now disposed of €4.7bn (£4.09bn) of assets after selling a shopping centre in the US and an office building in France. The 1.15m sq ft Westfield Brandon Shopping Centre in Florida sold for $220m, at a 10% yield and a 4.4% discount to its latest valuation. The 160,000 sq ft V office building, in the Paris suburb of Versailles, sold for €95m, in line with valuation and at a 5.7% yield. URW has now generated $1.6bn from the radical reduction of its financial exposure to the US, and completed €3.3bn of its planned €4bn European asset disposal programme. CFO Fabrice Mouchel said: “URW continues to achieve deleveraging progress, even in a more challenging financing environment. With these two transactions, we have now generated €4.7bn in disposal proceeds since 2021 and consistently improving credit metrics. The group’s robust operational performance and strong liquidity position will allow us to complete our deleveraging programme, including a radical reduction of our US financial exposure, in a timely and disciplined manner.” To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews