Unibail-Rodamco to sell a €931 million portfolio of six shopping centers in France to Carmila (FR)

Unibail-Rodamco and Carmila have entered into an agreement pursuant to which Carmila offers to acquire a portfolio of six non-core shopping centers anchored by Carrefour and located in France.
The total consideration of the proposed transaction amounts to €931 million, representing an average value per m² of €7,280/m².
Further to this agreement, Unibail-Rodamco has granted Carmila an exclusivity period ending on October 15, 2014. During this period, the respective work councils of Carmila and Unibail-Rodamco will be consulted, before the signing of the final and binding documentation expected in September 2014.
The proposed transaction is not expected to impact the recurring earnings per share growth guidance of at least +5.5% for 2014. The closing of the transaction is expected to occur in Q4-2014.
“Through this agreement with Carmila, we are pleased that Unibail-Rodamco, Europe’s largest commercial property company, has been able to quickly and efficiently deliver on its stated goal of further reshaping its portfolio to focus on assets with the highest return potential. Carmila is the natural owner of these shopping centers, anchored by large Carrefour hypermarkets. We are sure that Carmila will be able to generate significant synergies and returns consistent with the requirements of its shareholders. A true "win-win" transaction." Christophe Cuvillier, CEO and Chairman of the Management Board said.
Source: Unibail - Rodamco

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