Credit: Unibail-Rodamco-Westfield

Unibail-Rodamco-Westfield concludes joint venture in Shopping City Süd

French Crédit Agricole Assurances acquires a 45 percent stake in Austria's largest shopping center. Unibail-Rodamco-Westfield continues to manage the center.

Unibail-Rodamco-Westfield (URW) signed an agreement with Crédit Agricole Assurances on April 28, 2021, to sell a 45 percent stake in Shopping City Süd, which is located near Vienna. Austria’s largest shopping center with around 25 million visitors per year is one of the ten most frequented shopping centers in Europe.

The net offer price for the entire property is 1.065 million euros. The two contracting parties have formed a joint venture in which URW will continue its asset and property management under a long-term management contract. The transaction is subject to customary closing conditions, including antitrust approval, and is expected to close in the third quarter of 2021.

The transaction is a cornerstone of Unibail-Rodamco-Westfield’s deleveraging strategy. The Group intends to sell 4 billion euros worth of European assets by year-end 2022.

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