Unibail-Rodamco-Westfield sells Paris office for €620m

Unibail-Rodamco-Westfield (URW) has entered into an agreement with a consortium of French institutional investors, including Primonial REIM, La Française and EDF Invest, for the sale of the SHiFT office building in suburban Paris. The sales price is €620 million ($728 million).

SHiFT is located in the business district of Issy-les-Moulineaux, France, and totals 47,200 square meters (508,000 square feet). The property is fully leased to Nestlé for its new French headquarters on a 12-year lease.

The transaction is part of URW’s €9 billion ($10.6 billion) plan to strengthen the group’s balance sheet, which includes €4 billion ($4.7 billion) of disposals to be completed by year-end 2021. Upon closing of this transaction, the group will have generated €5.3 billion ($6.2 billion) of net disposal proceeds since June 2018.