Unibail-Rodamco-Westfield (ASX:URW) said it plans to sell a 15% stake in the Westfield Forum des Halles, a 77,600 square meter shopping center in Paris, to CDC Investissement Immobilier, the property asset management unit of Caisse des Depots for a net disposal price is 235 million euros, according to a Monday Australian bourse filing.
The center will be owned by a joint venture between URW, holding a 50% stake, AXA Investment Managers Alternatives acting on behalf of clients holding a 35% stake, and Caisse des Depots, which will now hold a 15% stake.
URW will continue to manage the center.
The firm added that it had completed or secured 1.5 billion euros in transactions since the start of 2024, which will reduce the group's proportionate net debt by the same amount.
It remains in active discussions on further transactions as part of its deleveraging plan, including through joint ventures with long-term institutional partners.
URW's shares rose nearly 1% in early trading on Tuesday.
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