PARIS (dpa-AFX) - Unibail-Rodamco-Westfield SE (URW.PA), a commercial real estate company, on Wednesday announced a conditional agreement to acquire the remaining 50% stake in Westfield UTC from its joint venture partner.
The deal is subject to URW's share price and customary closing conditions and is expected to close no later than December 31.
The acquisition consideration of about $705 million will comprise a combination of cash and up to 2.6 million new URW shares.
The transaction excludes certain land parcels that will continue to be owned in partnership.
The company said the deal is expected to be loan-to-value and adjusted recurring earnings per share neutral, and marginally accretive to net asset value.
On Tuesday, Unibail-Rodamco-Westfield closed trading 0.20% lesser at EUR 97.50 on the Paris Stock Exchange.
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