Unibail-Rodamco-Westfield has sold the new French headquarters of Swiss food group Nestlé for €620m (£561m) as part of an ambitious disposal programme.
The company has struck a deal to offload the SHiFT office building in the Parisian business district of Issy-les-Moulineau to a French consortium comprising Primonial REIM, La Française and EDF Invest.
The sale is part of URW’s €9bn ‘Reset’ plan to strengthen its balance sheet, including €4bn of disposals before the end of 2021.
When this sale closed, which is expected in early 2021, URW said it will have generated €5.3bn of disposal proceeds since June 2018, at an average net initial yield of 4.5% and an average premium to book value of 5.6%.
When the company announced the ‘Reset’ initiative in September, it said 50% of disposals were likely to be retail properties, and 50% offices and other asset classes. It also singled out its US regional mall portfolio as a part of the business it plans to shrink.
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