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Paris, Amsterdam, Mar 1, 2019 - (ACN Newswire) - On February 28, 2019, Unibail-Rodamco-Westfield (URW) completed the disposal of its 34% stake in the Jumbo shopping centre in Helsinki, Finland, to current co-owner Elo Mutual Pension Insurance Company. The net disposal price of EUR248.6 Mn represents a premium to the December 31, 2018, book value and implies a net initial yield of almost 5%.
Jumbo is one of the leading shopping centres in the Helsinki region with more than 85,000 sqm GLA and over 12 Mn visitors per year.
Following this transaction, URW's Nordics portfolio consists of 5 shopping centres of which 3 flagships. Lars-Ake Tollemark, Regional Managing Director Nordics for URW, declared: "The success of this transaction shows the high quality of our assets, their attractiveness and their liquidity. This disposal will enable us to concentrate further on strategic assets in the Nordics with significant re-development and mixed-use opportunities."
Following this transaction, 75% of the EUR3 Bn of disposals announced in December 2017 have now been completed. The Group announced on February 13, 2019, that it had increased its disposal target to a total of EUR6 Bn. EUR3.7 Bn of assets remain to be disposed of after this transaction.
For further information, please contact:
Investor Relations
Samuel Warwood
Maarten Otte
+33 1 76 77 58 02
Maarten.Otte@urw.com
Media Relations
Tiphaine Bannelier-Suderie
+33 1 76 77 57 94
Tiphaine.Bannelier-Suderie@urw.com
About Unibail-Rodamco-Westfield
Unibail-Rodamco-Westfield is the premier global developer and operator of flagship shopping destinations, with a portfolio valued at EUR65.2 Bn as at December 31, 2018, of which 87% in retail, 6% in offices, 5% in convention & exhibition venues and 2% in services. Currently, the Group owns and operates 92 shopping centres, including 55 flagships in the most dynamic cities in Europe and the United States. Its centres welcome 1.2 billion visits per year. Present on 2 continents and in 12 countries, Unibail-Rodamco-Westfield provides a unique platform for retailers and brand events, and offers an exceptional and constantly renewed experience for customers.
With the support of its 3,700 professionals and an unparalleled track-record and know-how, Unibail-Rodamco-Westfield is ideally positioned to generate superior value and develop world-class projects. The Group has a development pipeline of EUR11.9 Bn.
Unibail-Rodamco-Westfield distinguishes itself by its Better Places 2030 agenda, that sets its ambition to create better places that respect the highest environmental standards and contribute to better cities.
Unibail-Rodamco-Westfield stapled shares are listed on Euronext Amsterdam and Euronext Paris (Euronext ticker: URW), with a secondary listing in Australia through Chess Depositary Interests. The Group benefits from an A rating from Standard & Poor's and from an A2 rating from Moody's.
For more information, please visit www.urw.com
Visit our Media Library at https://mediacentre.urw.com
Follow the Group updates on Twitter @urw_group, Linkedin @Unibail-Rodamco-Westfield and Instagram @urw_group
20190228 Jumbo: http://hugin.info/136618/R/2236899/881099.pdf
Topic: Press release summary
Source: UNIBAIL-RODAMCO SE
https://www.acnnewswire.com
From the Asia Corporate News Network
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