Unibail-Rodamco-Westfield (URW) has sold a 15 percent stake in the Westfield Forum des Halles, a 77,600 square-meter (835,280-square-foot) flagship shopping center located in the heart of Paris.
The sales price was €235 million ($244 million).
The shares were sold to CDC Investment Immobilier on behalf of Caisse des Dépôts (CDC), a leading long-term French institutional investor.
The asset will be owned by a joint venture between URW (50 percent), AXA IM Alts acting on behalf of clients (35 percent) and CDC (15 percent). URW will continue to manage the asset, which will remain fully consolidated by URW.
URW now has completed or secured €1.5 billion ($1.6 billion) of transactions since the start of 2024, which will reduce the firm’s proportionate net debt by the same amount. The firm remains in active discussions on further disposals as part of its deleveraging plan, including through joint ventures with long-term institutional partners that allow
