Unibail-Rodamco-Westfield (URW) has formed a strategic partnership with Crédit Agricole Assurances and La Française on a €2 billion ($2.2 billion) portfolio of five French shopping centers.
“This transaction is fully aligned with URW’s strategy and is a major milestone in the Group’s disposal program, as well as a tremendous opportunity to establish a long-term partnership with leading investors who recognize the quality and attractiveness of our shopping destinations. We are thrilled to form this strategic partnership with Crédit Agricole Assurances and La Française and look forward to working on future growth opportunities with our partners. Our expertise as operators is recognized as we will continue managing the assets owned by the newly formed joint venture,” said Christophe Cuvillier, group CEO of URW.
The consortium will hold 54.2 percent, and URW, 45.8 percent. The new joint venture will own the following five French shopping centers: Aéroville
