PARIS (dpa-AFX) - Unibail-Rodamco (UNBLF.PK) said it has signed an agreement with Perella Weinberg Real Estate Fund I, or PWREF, to buy a 51% stake in the holding company owning 90.4% of 'mfi AG'. In addition, the group has agreed to acquire from PWREF 50% of Ruhr-Park.
The total value of underlying real estate assets within the scope of the transaction amounts to 1.5 billion euros, to which should be added an estimated development pipeline of 530 million euros.
The total purchase price paid by Unibail-Rodamco for its equity participation in the transaction totals 383 million euros to be paid in 2 installments, 316 million euros upon closing and 67 million euros as of June 30, 2014.
The deal includes the acquisition of a 51% stake in the holding company, which holds 90.4% of 'mfi AG', for 297 million euros. It also includes the acquisition of a 50% stake in the Ruhr-Park shopping centre, for 86 million euros, representing a 100% asset value of 380 million euros.
Unibail-Rodamco and PWREF will have joint control of 'mfi AG'. Unibail-Rodamco will have the option to gain full control of 'mfi AG' between June 30, 2014 and January 1, 2015 through change in governance.
Copyright RTT News/dpa-AFX