Unibail-Rodamco-Westfield maintains deleveraging progress with US and European asset sales
Disposal of Westfield Brandon Shopping Centre in the US for $220 Mn and “V” office building in France for €95 Mn brings total disposal proceeds to €4.7 Bn
Unibail-Rodamco-Westfield (“URW”) today announced further progress in its deleveraging programme with the sale of Westfield Brandon, located in Brandon, Florida, and the “V” office building located in Versailles, France.
URW has now €1.4 Bn) in total proceeds from the planned radical reduction of its completed €3.3 Bn of its €4.0 Bn European asset disposal programme.
Fabrice Mouchel, Chief Financial Officer of URW, said: “URW continues to achieve deleveraging progress, even in a more challenging financing environment. With these two transactions, we have now generated €4.7 Bn in disposal proceeds since 2021 and consistently improving credit metrics. The Group’s robust operational performance and strong liquidity position will allow us to complete our deleveraging programme, including a radical reduction of our US financial exposure, in a timely and disciplined manner.”
For Westfield Brandon, the sale price of $220 Mn (URW share 100%) reflects a 10.0% net initial yield and a 4.4% discount to the latest unaffected appraisal. Westfield Brandon is an A-minus-rated 107,000 sqm (1.15 Mn square foot) property with occupancy at 84.5%.
For “V”, the sale price of €95 Mn is in line with the last unaffected appraisal value, delivers a double digit IRR and a net initial yield of 5.7%. Delivered in 2019, “V” is over 15,000 sqm (161,000 square feet) and holds an Excellent BREEAM construction sustainability rating.