The company created from Australia’s Westfield property group has sold a 15% stake in an iconic Paris shopping centre for €235 million (A$390 million).
Unibail-Rodamco-Westfield (URW) sold the interest in Westfield Forum des Halles to CDC Investissement Immobilier, on behalf of a leading long-term French institutional investor Caisse des Dépôts (CDC).
“This transaction marks a strong milestone in the Flagship shopping centre investment market, showcasing one of the most attractive and best-performing retail assets in the European market,” URW said in an ASX announcement.
The 77,600 square metre shopping centre in the heart of Paris will be owned by a joint venture between URW (50%), AXA IM Alts on behalf of clients (35%), and CDC (15%), with URW continuing to manage and fully consolidate the asset.
URW said it had completed or secured €1.5 billion of transactions since the start of 2024.
“The Group remains in active discussions on further disposals as part of its deleveraging plan, including through joint ventures with long-term institutional partners that allow URW to retain control of its Flagship assets while generating asset and property management fees,” the company said.
URW was created in 2018 through the merger of a U.S.-based shopping centre operator Westfield Corporation and European real estate investment firm Unibail-Rodamco.
Westfield Corp was created in 2014 when Australia’s Westfield Group split its shopping malls business into two with Westfield Corp focussing on the international operations and Scentre Group (ASX: SCG) on Australia and New Zealand.
URW (ASX: URW) shares closed on Monday at $6.11, capitalising the company at $17.69 billion.