URW: further progress in debt reduction

(CercleFinance.com) - Unibail-Rodamco-Westfield (URW) announces further progress in deleveraging, with sales of regional assets in Europe and the US for E0.
5bn, and a combined discount of -3.9% to its last book value.

The real estate group has reached an agreement to sell Pasing Arcaden, a 46,300 m² shopping center in Munich as well as around 7,000 m² of office and residential space, to Ingka Centres, for a net price of E388m (at 100%, URW share 51%) of office and residential space, to Ingka Centres, for a net price of E388m (at 100%, URW share 51%).

In addition, URW has finalised the sale of Westfield Annapolis, in the US state of Maryland, to a consortium of industrial partners including Centennial and Sandeep Mathrani, for $160m (at 100%, URW share 55%).


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