Unibail-Rodamco-Westfield accepts the sale of a 45% stake in Westfield Carré Sénart and the creation of a joint venture with Société Générale Assurances and BNP Paribas Cardif

Paris, Amsterdam, February 10, 2022

Press release

Unibail-Rodamco-Westfield accepts the sale of a 45% stake in Westfield Carré Sénart and the creation of a joint venture with Société Générale Assurances and BNP Paribas Cardif

Unibail-Rodamco-Westfield (“URW”) announces today an agreement with Société Générale Assurances and BNP Paribas Cardif (“the Investors”) to sell a 45% stake in the Westfield Carré Sénart shopping center, Grand Paris, and conclude a long-term joint venture and management contract to provide asset and property management services.

The 100% implied offer price is in line with the last appraised value of c. €1 billion. As part of the transaction, a consortium of banks has subscribed to a secured financial package of up to 310 million euros for the joint venture. URW’s IFRS net debt reduction is expected to amount to €280m1.

URW has granted Investors a rental guarantee of up to €13.5 million (at 45%) for a period of up to three years from the closing of the transaction.

Westfield Carré Sénart is a 117,000 m² shopping and leisure destination. After two extensions delivered in 2017 and 2019, the center attracted nearly 12 million visits in 2019 and is the 10and most visited shopping center in France2. The center also benefits from a BREEAM Excellent rating.

Commenting on the announcement, Jean-Marie Tritant, CEO of URW Group, said: “We are pleased to announce the completion of this operation and the creation of a long-term partnership with two leading French institutional investors. The deal is fully in line with our European divestiture strategy to find the right joint venture partners for certain assets, allowing us to free up capital while continuing to leverage our established management capabilities.

The transaction is subject to customary closing conditions and is expected to close in the first quarter of 2022. At closing, URW will have realized €2.5 billion of its planned €4 billion European divestment program.

1 Subject to closing adjustments. Calculated as net proceeds less debt raised to finance the JV and fully consolidated.
2 Source: Commercial Sites September 2020 – classified with Carré Sénart Shopping Park

For more information, please contact:
Investor Relations
Martin Otte
+33 7 63 86 88 78
[email protected]

Media Relations
Pauline Duclos Lenoir
+33 7 60 30 63 54
[email protected]

Cornelia Schnepf-Finelk
+44 7387 108 998
[email protected]

About Unibail-Rodamco-Westfield

Unibail-Rodamco-Westfield is the world’s leading developer and operator of flagship destinations, with a portfolio valued at 54.5 billion euros as of December 31, 2021, including 86% retail, 6% office, 5% convention and entertainment. exhibitions and 2% in services. Currently, the Group owns and operates 85 shopping centers, including 53 Flagships in the most dynamic cities of Europe and the United States. Present on two continents and in 12 countries, Unibail-Rodamco-Westfield offers a unique platform to retailers and brand events and offers an exceptional and constantly renewed experience to its customers.

With the support of its 2,800 professionals and unparalleled experience and know-how, Unibail-Rodamco-Westfield is ideally positioned to generate superior value and develop world-class projects.
Unibail-Rodamco-Westfield stands out for its Better Places 2030 program, which sets out its ambition to create better places that meet the highest environmental standards and contribute to better cities.
The Unibail-Rodamco-Westfield stapled shares are listed on Euronext Amsterdam and Euronext Paris (Euronext ticker: URW), with a secondary listing in Australia via Chess Depositary Interests. The Group has a BBB+ rating from Standard & Poor’s and a Baa2 rating from Moody’s.

For more information, visit www.urw.com
Visit our media center at https://mediacentre.urw.com
Follow the Group’s news on Twitter @urw_group, Linkedin @Unibail-Rodamco-Westfield and Instagram


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