URW to sell shopping centre in Germany for €116m

URW to sell shopping centre in Germany for €116m
Image: Courtesy of URW

Unibail-Rodamco-Westfield has announced an agreement with an institutional investor for the sale of Gera Arcaden, a shopping centre located in Gera, Germany, for an agreed Total Acquisition Cost of €116m (at 100%, URW share 51%), which represents a premium to the last appraised value.

The transaction is expected to complete in Q2-2022, subject to standard closing conditions.

Gera Arcaden is an 38,300 sqm shopping centre in Germany, including offices, located in the city centre of Gera.

URW also entered into a management contract and will continue the asset and property management of the centre through its German third-party asset management business.