Paris, Amsterdam, Aug 1, 2018 - (ACN Newswire) - On July 31, 2018, Unibail-Rodamco-Westfield (URW) disposed of 4 regional shopping centres in Spain to Morzal Properties Iberia S.L. The total transaction cost is EUR489 Mn and represents a net initial yield of 5.6%.
The shopping centres included in the sale are:
- El Faro, in Badajoz in the Southwest of Spain, with 66,300 m2 of GLA;
- Bahia Sur, in the Bahia de Cadiz area (Andalusia), with 59,300 m2 of GLA;
- Los Arcos, in Sevilla, with 44,000 m2 of GLA;
- Vallsur, in Valladolid, with 36,000 m2 of GLA.
Following this transaction, URW's Spanish portfolio consists of 6 Flagship shopping destinations, such as La Maquinista (Barcelona), La Vaguada and Parquesur (both in Madrid), two regional shopping centres and a number of development projects with an Expected Cost at completion of EUR800 Mn, including the Benidorm (near Alicante) greenfield shopping centre project and the extension of Garbera (San Sebastian).
This transaction is part of the EUR3 Bn of disposals to be made by URW as part of its previously announced European asset rotation programme.
For further information, please contact:
+33 1 76 77 58 02
+33 1 76 77 57 94
Unibail-Rodamco-Westfield is the premier global developer and operator of flagship shopping destinations. With a portfolio valued at EUR62 Bn as at 31 December 2017, of which 88% in retail, 7% in offices and 6% in convention & exhibition venues, the Group owns and operates 102 shopping centres, of which 56 are flagships in the most dynamic cities in Europe and the United States. Its centres welcome 1.2 billion visits per year. Present in 2 continents and in 13 countries, Unibail-Rodamco-Westfield provides a unique platform for retailers and brand events, and offers an exceptional and constantly renewed experience for customers.
With the support of its 3,700 professionals and an unparalleled track-record and know-how, Unibail-Rodamco-Westfield is ideally positioned to generate superior value and develop world-class projects. The Group has the largest development pipeline in the industry, worth EUR13 Bn.
Unibail-Rodamco-Westfield distinguishes itself by its Better Places 2030 agenda, that sets its ambition to create better places that respect the highest environmental standards and contribute to better cities.
Unibail-Rodamco-Westfield stapled shares are listed on Euronext Amsterdam and Euronext Paris (Euronext ticker: URW). A secondary listing has been established in Australia through Chess Depositary Interests. The Group benefits from an A rating from Standard & Poor's and from an A2 rating from Moody's.
For more information, please visit www.urw.com
 The net initial yield is the sum of the expected net rental income for the next 12 months divided by the total acquisition cost.
Unibail-Rodamco-Westfield sells four shopping centres in Spain
Aug 1, 2018 01:00 HKT/SGT
Topic: Press release summary
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