EVRY (dpa-AFX) - Unibail-Rodamco SE, (UNBLF.PK), a French commercial property operator, investor and developer, Wednesday said it has signed a definitive agreement with Carmila, affiliated to French grocery retailer Carrefour Group (CRERF.PK, CRRFY.PK), to dispose of a 931 million euros portfolio of six shopping centres in France.
These shopping centres include BAB 2, Bay 1 and Bay 2, Cité Europe, Labège 2 and Place d'Arc. The agreement was signed pursuant to the announcement made on July 30, and after consultation by the firms of their respective work-councils,
It was on July 30 that the companies announced a deal. Unibail-Rodamco now said the terms of the transaction are as announced earlier.
Closing of the transaction is expected before the end of the year 2014 and is subject to customary conditions precedent.
In February of this year, Unibail-Rodamco announced its intention to sell between 1.5 billion euros and 2.0 billion euros of shopping centres over the next five years, in order to further concentrate its portfolio on large assets.
Unibail-Rodamco in July said it will sell a portfolio of six non-core shopping centres anchored by Carrefour and located in France. The company then said the proposed transaction is not expected to impact the recurring earnings per share growth guidance of at least +5.5 percent for 2014.
Unibail-Rodamco CEO and Chairman Christophe Cuvillier stated that Carmila is the natural owner of these shopping centres, anchored by large Carrefour hypermarkets, and that Carmila would be able to generate significant synergies and returns.
Carrefour and its co-investment partners created Carmila in mid April, aiming to enhance the value of the shopping centers adjacent to Carrefour hypermarkets in France, Spain and Italy. Carrefour owns 42 percent of Carmila.
In Paris, Unibail-Rodamco shares were down 4.15 euros or 2.03 percent at 200.10 euros.
Copyright RTT News/dpa-AFX