Unibail-Rodamco-Westfield (URW) has divested the V office building located in Versailles, France for €95 million.
The sale price of €95m is in line with the last unaffected appraisal value, delivers a double digit IRR and a net initial yield of 5.7%, said URW in a press release.
Delivered in 2019, V is over 15,000 sqm (161,000 square feet) and holds an Excellent BREEAM construction sustainability rating.
URW has completed €3.3bn of its €4bn European asset disposal programme with this sale.
Fabrice Mouchel, Chief Financial Officer of URW, said: “URW continues to achieve deleveraging progress, even in a more challenging financing environment. With these two transactions, we have now generated €4.7 Bn in disposal proceeds since 2021 and consistently improving credit metrics. The Group’s robus operational performance and strong liquidity position will allow us to complete our deleveraging programme, including a radical reduction of our US financial exposure, in a timely and disciplined manner.”
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