Unibail-Rodamco-Westfield (URW) has agreed to sell the office component of the Gaite-Montparnasse mixed-use complex in Paris, France, to a joint venture between Norges Bank Investment Management and Swiss Life Group for €172.5m. The transaction reflects a 4% discount to the latest unaffected book value.
The 12,500m2 office space, which is 100% let to Wojo, an Accor group coworking operator, was completed in 2022 as part of a major redevelopment which includes the URW-owned and operated Les Ateliers Gaite shopping centre, the refurbished Pullman Paris Montparnasse hotel, residential units as well as community-oriented retail and amenities.
The transaction is subject to standard conditions precedent and is expected to be completed during Q4-2024.
With this transaction, URW has now completed or secured €0.8b of transactions in 2024, reducing the Group’s proportionate net debt by the same amount. In addition, the Group remains engaged in active discussions with potential buyers on a further €0.6b of disposals.
Written by Leon Goldwater for Europe Real Estate.
Image Source - Pexels.
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