PARIS (dpa-AFX) - Unibail-Rodamco-Westfield said that it agreed to sell its SHiFT office building to a consortium of French institutional investors for 620 million euros. The consortium consists of Primonial REIM, La Française and EDF Invest.
The transaction is expected to close in January 2021.
The transaction is part of the company's 9 billion euros plus RESET plan to strengthen the Group's balance sheet. The plans includes 4 billion euros of disposals to be completed by year-end 2021.
Upon closing of the transaction, the Group will have generated 5.3 billion euros of net disposal proceeds since June 2018, the company said in a statement.
SHiFT is located in the business district of Issy-les-Moulineaux (Paris region) with a GLA of 47,200 sqm. The property is fully let to Nestlé for its new French headquarters on a 12-year lease.
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