Unibail-Rodamco-Westfield to sell Paris building for €789m | Finance News Network

Unibail-Rodamco-Westfield to sell Paris building for €789m

Company News

by Anna Napoli

Unibail-Rodamco-Westfield (ASX:URW) has signed an agreement for the disposal of the Capital 8 office building in Paris to Invesco Real Estate.

The net disposal price for the transaction is €789 million.

The deal is subject to standard conditions precedent and is expected to close in the fourth quarter of 2018.

This transaction is part of  €3 billion dollars worth of disposals to be made by the company during the next several years as part of its European asset rotation programme.

Separately, the commercial property company announced that French tax authorities have confirmed that the distribution of category A shares of WFD Unibail-Rodamco NV made on the 7th of June do not qualify as a taxable deduction under French tax law.

Shares in Unibail-Rodamco-Westfield (ASX:URW) closed 0.14 per cent lower to $14.70 yesterday.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.