URW: sells a shopping center in Spain

(CercleFinance.com) - On Wednesday Unibail-Rodamco-Westfield (URW) announced that it had reached an agreement to sell 'Bonaire', an open-air shopping center in Valencia (Spain), to the Castellana group, for E305m.


The retail real estate group says that this amount exceeds the asset's last book value.

After being hit by floods last October, the center reopened in February, and 80% of its stores have already reopened or are due to reopen by the end of March.

It has a 98% occupancy rate.

Once again, and without much surprise, it's a European asset that has been sold, analysts at Allinvest Securities said this morning.

At the time of its annual results the property company said that it intended to remain in the US, the broker adds.

This agreement brings total divestments completed or secured since the beginning of the year to E900m, resulting in an equivalent reduction in its net debt.

In Paris, URW shares were up around 0.8%, pretty much in line with the market (+0.7%), in the wake of these announcements.


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