Unibail-Rodamco-Westfield (URW) announced that it has received a binding offer from Frey, a real estate company specialising in the development and operation of outdoor shopping centres in Europe, to acquire Polygone Riviera for a net disposal price of €272.3 mn at a 4% discount to last unaffected book value. Polygone Riviera is a 77,100 sqm (of which c.71,000 sqm owned by URW) open air shopping centre located in Cagnes sur Mer (France, Nice region).
The transaction is expected to be completed during Q4-2023. With this transaction, URW has now secured: – €3.6 Bn (i.e. c. 90%) of its €4.0 Bn European asset disposal programme; and – €0.8 Bn contribution to net debt reduction1 on an IFRS basis since January 2023 (€1.1 Bn on a proportionate basis), bringing the IFRS LTV2 down to 41.3% on a proforma basis.
Unibail-Rodamco-Westfield is an owner, developer and operator of sustainable, high-quality real estate assets in the most dynamic cities in Europe and the United States. The Group operates 74 shopping centres in 12 countries, including 39 which carry the iconic Westfield brand. These centres attract over 900 million visits annually and provide a unique platform for retailers and brands to connect with consumers. URW also has a portfolio of high-quality offices, 10 convention and exhibition venues in Paris, and a €3 Bn development pipeline of mainly mixed-use assets. Currently, its €51 Bn portfolio is 87% in retail, 6% in offices, 5% in convention and exhibition venues, and 2% in services (as at June 30, 2023).
Source : Company