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.