- Commercial property giant Unibail-Rodamco-Westfield (URW) has entered an agreement to sell its SHiFT office building for €620 million (around A$1.1 billion)
- The agreement was entered with multiple French institutional investors, including Primonial REIM, La Française, and EDF Invest
- The SHiFT building is located in the business district of Paris and is currently fully let to Nestlé for its new French headquarters on a 12-year lease
- The sale is subject to standard conditions and is expected to close in January next year
- URW is up 6.41 per cent on the market and shares are currently trading for $2.99 each
Commercial property giant Unibail-Rodamco-Westfield (URW) has entered an agreement to sell its SHiFT office building for €620 million (around A$1.1 billion).
The agreement was entered with multiple French institutional investors, including Primonial REIM, La Française, and EDF Invest.
The sale is subject to standard conditions and is expected to close in January 2021.
The SHiFT building is located in the business district of Issy-les-Moulineaux in Paris with a gross leasable area (GLA) of 47,200 square metres.
The building is currently fully let to Nestlé for its new French headquarters on a 12-year lease.
This transaction forms part of URW’s €9-billion-plus (around A$1.48 billion) plan to strengthen its balance sheet.
Once completed, the company will have generated €5.3 billion (around A$8.71 billion) in net proceeds since June 2018.
URW is up 6.41 per cent on the market and shares are trading for $2.99 each at 1:50 pm AEDT.