Unibail-Rodamco-Westfield to sell Paris skyscraper

Company News

by Rachael Jones

Unibail-Rodamco-Westfield (ASX:URW) has entered into an agreement with Singapore’s sovereign wealth fund GIC for the sale of Tour Ariane in La Défense.

The net disposal price of €464.9 million represents a premium to the latest unaffected book value.

This transaction is subject to standard conditions precedent and is expected to close by year-end.

Tour Ariane is an office building with large leasable area located in the heart of the La Défense business district in the Paris region.

The transaction is part of the €3 billion European disposal programme to be executed over the next several years.

More than 55 per cent of this programme has been agreed or completed since June 30, 2018.

Shares in Unibail-Rodamco-Westfield (ASX:URW) closed 2.75 per cent lower to $12.75.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.