MUNICH (dpa-AFX) - French commercial real estate company Unibail-Rodamco SE (UNBLF, UNRDY) said that it has entered into an agreement with Allianz to dispose of the Group's stake in the Nicétoile (Nice, France) property complex. The Group's stake is comprised of 15,389 m² GLA of retail, 2,018 m² GLA of offices and 1,852 parking lots.
Footfall in the last 12 months totalled 13.1 Mn visits. The total acquisition cost amounts to 312.5 million euros, representing a net initial yield of 5.0%.
The shopping centre will be managed by Hammerson who will co-invest 10% with Allianz.
Closing of the transaction is expected to occur during the first quarter of 2015 and is subject to customary conditions precedent.
Copyright RTT News/dpa-AFX