Unibail-Rodamco-Westfield (ASX:URW) sold its 25% stake in the Centrum Cerny Most in Prague, Czech Republic to Upvest and RSJ Investments as part of its deleveraging plan, according to a Friday filing with the Australian bourse.
As part of the deal, the buyers will form a joint venture, allowing them to acquire an additional 24% of the property within the next two years, the filing said.
The property has an implied price of 553 million euros with a green mortgage financing of 268 million euros, per the filing.
The disposal reduces the shopping center operator's net debt by around 100 million euros, the filing added. The deleveraging plan has so far reduced 1.6 billion in debt.
The company's shares were off almost 1% in recent Friday trade.
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