Unibail-Rodamco sells another six malls for €850m
Just a couple of months after Unibail-Rodamco SE sold a portfolio of six shopping centers, another six French shopping centers have been sold for €850 million ($1.1 billion).
The new owner is the shopping center investor Wereldhave, which plans to finance part of the deal by selling shares, issuing up to €550 million ($701 million), as well as available cash of approximately €150 million ($191.3 million) and existing debt facilities.
The portfolio consists of high-quality midsized shopping centers with a net initial yield of 5.5 percent, contributing immediately to Wereldhave’s earnings. The completion of the transaction is expected by the end of 2014.
The malls include the 305,695-square-foot Rivétoile in Strasbourg, the 404,723-square-foot Docks 76 in Rouen, the 488,682-square-foot Saint Sever in Rouen, the 425,174-square-foot Meriadeck-Passages in Bordeaux, the 311,077-square-foot Côté Seine in Argenteuil an