Unibail-Rodamco has signed a Memorandum of Understanding with the Hans Dujsik Privatstiftung regarding the intended sale and purchase of 140,400 m² in Shopping City Süd in Vienna, covering 131,200 m² GLA of retail and 9,200 m² of offices.
With a total surface of approximately 300,000 m², Shopping City Süd is Austria's largest retail and leisure complex. Anchored by Ikea, InterSpar, Peek and Cloppenburg, Leiner, Saturn, Zara, C&A and Humanic, the shopping center fits perfectly with Unibail-Rodamco's focus on large and unique prime assets.
Besides, this shopping center benefits from further extension capacities of approximately 40,000 m² that will be under control of the new owner.
It is expected that the transaction will be closed in the second quarter of 2008. Following the completion of the transaction, Unibail-Rodamco would own 90% of the company holding the property, 10% being held by the Breiteneder family.
Unibail-Rodamco's CEO, Guillaume Poitrinal, said: "We are very pleased with this agreement. There are very few shopping centers of this size and potential on the European market. This will be an excellent opportunity to apply our skills in active property management and development. It is also a perfect fit with the high quality portfolio of 95 shopping centers currently owned by our company throughout Europe."