Unibail-Rodamco-Westfield (ASX:URW) has announced the sale of four shopping centres in Spain.
The commercial property says the total transaction cost is €489 million and represents a net initial yield of 5.6 per cent.
Following the transaction the company’s Spanish portfolio will consist of 6 flagship shopping destinations, two regional shopping centres and a number of development projects with an expected cost of completion of €800 million.
The sale is part of the €3 billion worth of disposals to be made by the company as part of its European asset rotation programme.
Shares in Unibail-Rodamco-Westfield (ASX:URW) closed 0.20 per cent higher to $14.87