Unibail-Rodamco-Westfield (ASX:URW) has agreed to sell Bonaire, its shopping center in Spain, to Castellana Properties, the Spanish unit of Vukile Property Fund, for 305 million euros, according to a Wednesday Australian bourse filing.
As part of the agreement, the company has granted Castellana Properties an 18-month net operating income guarantee with a cap of 32.9 million euros to cover the stabilization period.
The shopping center operator expects only a marginal portion of this guarantee to be utilized, based on occupancy levels, the filing added.
The transaction is expected to be completed in March.
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