Unibail-Rodamco-Westfield has entered into an agreement with a consortium of French institutional investors (Primonial REIM, La Francaise and EDF Invest) for the sale of the SHiFT building in Paris. The Disposal Price of €620m represents a premium to the June 30, 2020, book value. The asset is located in the business district of Issy-les-Moulineaux and offers 47,200m² GLA. The property is fully let to Nestlé for its new French headquarters on a 12-year lease. The property benefits from easy access by the public and private transport.
The transaction is part of URW’s €9+bn RESET plan to strengthen the Group’s balance sheet and which includes €4bn of disposals to be completed by year-end 2021. Upon closing of this transaction, the Group will have generated €5.3bn of net disposal proceeds since June 2018, at an average net initial yield of 4.5% and an average premium above the book value of 5.6%.