PARIS (dpa-AFX) - Unibail-Rodamco-Westfield said it entered into an agreement with a consortium of institutional buyers for the sale of Tour Majunga in La Défense. The net disposal price of 850 million euros represents a premium to the December 31, 2018, book value.
The transaction is subject to standard conditions precedent and is expected to close in early July 2019.
Tour Majunga is an office building with a GLA of over 67,000 sqm located in the heart of La Défense business district (Paris region).
Upon the closing of this transaction, the €3 Bn of disposals announced in December 2017 will have been exceeded. These disposals were made at an average net initial yield of 4.5% and an average premium above book value of 7.2%.
The Group announced on February 13, 2019, that it had increased its disposal target to a total of 6 billion euros to be reached in the next couple of years. 2.9 billion euros of assets remain to be disposed of after the completion of this transaction.
Copyright RTT News/dpa-AFX
© 2019 AFX News
