Unibail-Rodamco-Westfield (URW) has sold its 34% stake in the Jumbo shopping centre in Helsinki, Finland, to current co-owner Elo Mutual Pension Insurance Company.
The net disposal price of €248.6 Mn represents a premium to the December 31, 2018, book value and implies a net initial yield of almost 5%.
Jumbo is one of the leading shopping centres in the Helsinki region with more than 85,000 sqm GLA and over 12 Mn visitors per year. Following this transaction, URW’s Nordics portfolio consists of 5 shopping centres of which 3 flagships.
Lars-Ake Tollemark, Regional Managing Director Nordics for URW, declared: “The success of this transaction shows the high quality of our assets, their attractiveness and their liquidity. This disposal will enable us to concentrate further on strategic assets in the Nordics with significant re-development and mixed-use opportunities.”
Following this transaction, 75% of the €3 Bn of disposals announced in December 2017 have now been completed. The Group announced on February 13, 2019, that it had increased its disposal target to a total of €6 Bn. €3.7 Bn of assets remain to be disposed of after this transaction.