Unibail-Rodamco-Westfield (ASX:URW) agreed to sell 80% of its stake in Paris-based Trinity office tower to Norges Bank Investment Management, the fund management division of Norges Bank, according to a Monday filing with the Australian bourse.
The real estate operator will continue to provide asset and property management services via the new joint venture created following the deal.
The transaction has an implied offer price of 450 million euros, reducing the company's net debt by around 350 million euros, the filing said. It is expected to be completed in the first quarter of 2025.
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