Unibail-Rodamco preparing to unload six malls on Wereldhave

By

Jean-Paul Leroy

Published
Oct 17, 2014

Unibail-Rodamco is continuing to sell off its small and medium-sized shopping centres.

Europe’s largest publicly listed property company and Dutch real estate investment company Wereldhave signed an agreement on Thursday according to which Wereldhave will acquire a portfolio of six Unibail-Rodamco-owned French malls: Rivétoile in Strasbourg, Docks 76 and Saint-Sever in Rouen, Meriadeck (61% held by Unibail-Rodamco) and Passages Meriadeck (100% holding) in Bordeaux, Côté Seine in Argenteuil in the Paris region and Docks Vauban in Le Havre.

The total value of the transaction amounts to 850 million euros, representing a net initial yield of 5.5% and an average 4,200 euros per square metre.

In the framework of this agreement, Unibail-Rodamco has granted Wereldhave a period of exclusivity until 10 November 2014, during which the group's employee representative bodies will be consulted. Signing of the final document is scheduled to take place in November 2014. The completion of the transaction should take place by the end of the year.