PARIS (dpa-AFX) - Unibail-Rodamco-Westfield (UNBLF), a Paris-based global developer and operator of flagship destinations on Thursday announced an agreement with Societe Generale Assurances and BNP Paribas Cardif to sell a 45 percent stake in the Westfield Carré Sénart shopping center, Greater Paris, and to enter into a long-term joint venture and management contract to provide asset and property management services. The transaction is expected to close in the first quarter of 2022.
The implied offer price at 100 percent is in line with the last appraisal value of c.1 billion euros. As part of the transaction, a consortium of banks has underwritten a secured financing package of up to 310 million euros for the joint venture.
URW has granted the Societe Generale Assurances and BNP Paribas Cardif a rental guarantee of up to 13.5 million euros (at 45 percent) for a duration of up to three years from closing of the transaction.
Upon closing, URW would have completed 2.5 billion euros of its planned 4 billion euros European disposal programme aimed at releasing capital. The IFRS net debt reduction for URW is expected to amount to 280 million euros.
Shares of Unibail-Rodamco-Westfield closed Wednesday's trading at $75.50, down $0.21 or 0.28 percent from previous close.
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