Unibail-Rodamco-Westfield (URW) has entered an agreement with an institutional investor for the sale of Gera Arcaden, in Germany, for an agreed total of €116m (at 100%, URW share 51%), which represents a premium to the last appraised value. The transaction is expected to complete in Q2-2022, subject to standard closing conditions.
Located in Gera, Germany, the shopping centre comprises 38,300m², and offers visitors a large choice of retailers and local and international dining options, from German to Asian to Italian cuisines.
Additionally, URW has entered into a management contract and will continue the asset and property management of the centre through its German third-party asset management business.
