URW: sells 25% of a shopping center in Prague

(CercleFinance.com) - Unibail-Rodamco-Westfield announced on Friday that it had sold a 25% stake in its Centrum Cerny Most shopping center in Prague to Upvest and RSJ Investments.


The commercial real estate group said in a press release that the transaction was based on a total price valuing 100% of the complex at E553m.

The company, which is seeking to reduce its debt, states that the transaction, which brings the disposal program undertaken since January 2024 to some E1.6bn, will enable it to reduce its net debt by around E100m.

URW stresses that it is currently engaged in other 'active' discussions in order to pursue its deleveraging plan.

Under the terms of the agreement, the real estate company will continue to manage the shopping center, one of the busiest in Prague, with a surface area of 85,000 m2 set to increase to 94,000 m2 next year when its extension project is completed.

The partners intend to create a joint venture around the asset, with Upvest and RSJ Investments also having an option to take an additional 24% stake within two years.


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