Unibail-Rodamco-Westfield (ASX:URW) acquired a 38.9% stake in URW Germany and its related entities from joint venture partner Canada Pension Plan Investment Board, or CPP Investments, for about 3.3 million stapled shares, according to a Thursday filing with the Australian bourse.

The transaction increases the company's stake in URW Germany to 89.9%, with both partners retaining the option to transfer the remaining 10.1% of CPP Investments' interest to the company in 2025 for a consideration of up to 65 million euros, the filing said.

Unibail-Rodamco-Westfield shares rose more than 1% in afternoon trade Thursday.

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