Wereldhave and Unibail-Rodamco have entered into an agreement where Wereldhave is due to obtain a portfolio of six non-core shopping centers based in France.The proposed transaction is due to attract €850m, which is representative of a 5.5% net initial yield and an average per square meter value of €4200.
Wereldhave has been granted an exclusivity period by Unibail-Rodamco, which expires on November 10, 2014, for consultation with the work council at Unibail-Rodamco. The final signature of the agreement is set for a date during November 2014.
The agreement is due to be closed before the end of 2014 and customary conditions, such as shareholders’ and regulatory approvals prevail.
Chairman and CEO of the management board of Unibail-Rodamco, Christophe Cuvillier, said they are pleased with the agreement and believe that Wereldhave will use the full potential of the portfolio. The disposal of this portfolio will allow Unibail-Rodamco to continue sharpening their focus on large regional shopping malls.
Wereldhave received advice from Cushman & Wakefield on this transaction.