Le mie ricette per la real estate communityUnibail-Rodamco-Westfield today entered into an agreement with a consortium of French institutional investors (Primonial REIM, La Française and EDF Invest) for the sale of the SHiFT office building. The Disposal Price of €620 Mn represents a premium to the June 30, 2020, book value.
This transaction is subject to standard conditions precedent and is expected to close in January 2021.
SHiFT is located in the business district of Issy-les-Moulineaux (Paris region) with a GLA of 47,200 sqm. The property is fully let to Nestlé for its new French headquarters on a 12-year lease.
The transaction is part of URW’s €9+ Bn RESET plan to strengthen the Group’s balance sheet and which includes €4 Bn of disposals to be completed by year-end 2021. Upon closing of this transaction, the Group will have generated €5.3 Bn of net disposal proceeds since June 2018, at an average net initial yield of 4.5% and an average premium above book value of 5.6%.
Source : Company