Unibail-Rodamco announced an agreement to sell to Canada Pension Plan Investment Board a 46.1% stake in mfi AG. CPPIB will pay the Group €394 mln for the equity stake and will also provide additional funding in support of mfi’s financing strategies. The price reflects an implied net initial yield of 5.1% for mfi’s portfolio and an average price of €5,000/m².
In June 2012, Unibail-Rodamco acquired from Perella Weinberg Real Estate Fund I, 51% of shares of a company which, at the time, owned 90.4% of mfi AG. On February 13, 2014, Unibail-Rodamco entered into a partnership with CPPIB on CentrO, one of Germany’s largest and most successful shopping centres located in Oberhausen. Following transactions on July 2, 2014, and April 30, 2015, Unibail-Rodamco's stake in mfi currently amounts to 94.15%.
The Group and CPPIB have worked together since the closing of the CentrO acquisition on May 14, 2014. By strengthening its partnership with CPPIB in Germany, Unibail-Rodamco creates a unique opportunity to align the interests between CentrO and mfi. This transaction will bring most of the parties’ shopping centres in Germany under one umbrella1. The new joint-venture will capitalize on Unibail-Rodamco’s best in class operating management skills and CPPIB’s extensive real estate investment experience and access to global best practices.\
Source: Unibail Rodamco