French Crédit Agricole Assurances acquired a 45 percent stake in Austria’s largest shopping centre. Unibail-Rodamco-Westfield will continue to manage the centre.
Unibail-Rodamco-Westfield signed the agreement with Crédit Agricole Assurances on April 28, 2021, to sell a 45 percent stake in Shopping City Süd, which is located near Vienna. The project is Austria’s largest shopping centre with around 25 million visitors per year and is heralded as one of the ten most frequented shopping centres in Europe.
The net offer price for the entire property is €1.065 million. The two contracting parties have formed a joint venture in which URW will continue its asset and property management under a long-term management contract. The transaction is subject to customary closing conditions, including antitrust approval, and is expected to close in the third quarter of 2021.
The transaction is a cornerstone of Unibail-Rodamco-Westfield’s deleveraging strategy. The Group intends to sell €4 billion worth of European assets by year-end 2022.
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