Unibail-Rodamco-Westfield (URW) has completed of the disposal of a portfolio of five shopping centres in France to the joint venture (JV) formed by URW, Crédit Agricole Assurances and La Française for €2 billion, previously announced on February 12, 2020.
The consortium comprised of Crédit Agricole Assurances and La Française will hold 54.2% of the newly formed JV and URW 45.8%. The new jiont venture now owns the following assets: Aéroville and So Ouest in the Paris region, Rennes Alma in Rennes, Toison d’Or in Dijon and Confluence in Lyon.
“The closing of this transaction is a major milestone in the Group’s disposal strategy. In a very challenging environment, it demonstrates the quality of our assets and illustrates the trust of our partners in the management of URW to cope with the current situation and to generate future growth in the assets we operate. Today marks the beginning of a new strategic partnership formed with Crédit Agricole Assurances and La Française and we look forward to working and succeeding with them,” said Christophe Cuvillier, Group CEO of URW.