Unibail-Rodamco and Wereldhave have entered today into an agreement pursuant to which Wereldhave offers to acquire a portfolio of six non-core shopping centers located in France.
The total consideration of the proposed transaction amounts to €850 million, representing a net initial yield of 5.5% and an average value per m² of €4,200/m².
Further to this agreement, Unibail-Rodamco has granted Wereldhave an exclusivity period ending on November 10, 2014, during which Unibail-Rodamco's work council will be consulted. The signing of the final and binding documentation is expected to occur in November 2014.
Closing of the transaction is expected to occur before year end 2014 and is subject to customary conditions precedent, including regulatory approvals and Wereldhave's shareholders approval.
"Unibail-Rodamco is pleased to have reached an agreement with Wereldhave, a party which, as a specialist in mid-sized shopping centers, will be able to manage these malls to their full potential. This transaction, part of the disposal programme of retail assets announced in February this year, will allow the Group to continue to sharpen its focus on large regional shopping centers." Christophe Cuvillier, CEO and Chairman of the Management Board.
Cushman & Wakefield advised Wereldhave on the transaction
Source: Unibail - Rodamco