Unibail-Rodamco-Westfield to form a strategic partnership with Crédit Agricole Assurances and La Française on a €2.0 Bn p...
February 12 2020 - 11:45AM
Paris, Amsterdam, February 12, 2020
Press release
Unibail-Rodamco-Westfield to form a strategic
partnership with Crédit Agricole Assurances and La
Française on a €2.0 Bn portfolio of five French
shopping centres
- Crédit Agricole Assurances and La Française to
acquire(1) a 54.2% stake in a strategic Joint Venture (JV)
formed with Unibail-Rodamco-Westfield for five shopping centres in
France.
- URW to hold a 45.8% stake in the JV and to continue management
of the assets through long-term management contracts.
- The implied offer price for the assets at 100%, €2,037 Mn, is
in line with the last unaffected appraisal value(2) and
represents a NIY of 4.80%.
- Net disposal proceeds for URW: €1.5 Bn.
- Transaction expected to close in Q2-2020.
Unibail-Rodamco-Westfield (URW) today announces
that it has received binding offers from a consortium of leading
French investors comprised of Crédit Agricole Assurances and La
Française (collectively, the Consortium) to acquire a stake in a
new JV to be formed, in which the Consortium will hold 54.2% and
URW 45.8%. The new JV will own the following five French shopping
centres: Aéroville, So Ouest, Rennes Alma, Toison d’Or and
Confluence.
These five assets represent 320,800 sqm of GLA
with footfall of 42.5 million in 2019.
Shopping Centre |
City/Region |
Complex GLA(sqm) |
URW consolidated GLA(sqm) |
FY19 footfall(Mn) |
Aéroville |
Paris region |
84,900 |
84,900 |
9.2 |
So Ouest |
Paris region |
56,900 |
52,100 |
7.6 |
Rennes Alma |
Rennes |
46,500 |
32,500 |
7.2 |
Toison d’Or |
Dijon |
78,700 |
49,200 |
8.3 |
Confluence |
Lyon |
53,800 |
53,800 |
10.2 |
URW will continue management of these assets on
behalf of the JV through long-term management contracts. This
portfolio offers solid organic rental growth and significant upside
from identified projects.
The implied offer price for the assets at 100%,
€2,037 Mn, is in line with the last unaffected appraisal
value(2) and represents a net initial yield of 4.80%. As
part of the transaction, a syndicate of banks has underwritten €1.0
Bn in secured financing for the JV. Net proceeds to URW are
expected to amount to €1.5 Bn(3). This amount will increase
as other investors join the Consortium now that this transaction is
public.
Further to this agreement, URW has granted the
Consortium an exclusivity period ending on May 15, 2020. During
this period, the Social and Economic Committee of URW in France
will be consulted. The transaction is also subject to customary
conditions precedent, including antitrust and regulatory approvals
and is expected to close towards the end of Q2-2020.
“This transaction is fully aligned with URW’s
strategy and is a major milestone in the Group’s disposal
programme, as well as a tremendous opportunity to establish a
long-term partnership with leading investors who recognize the
quality and attractiveness of our shopping destinations. We are
thrilled to form this strategic partnership with Crédit Agricole
Assurances and La Française and look forward to working on future
growth opportunities with our partners. Our expertise as operators
is recognized as we will continue managing the assets owned by the
newly formed JV”, said Christophe Cuvillier, Group CEO of URW.
For further information, please contact: Investor
RelationsSamuel Warwood, Maarten Otte +33 1 76 77 58 02
maarten.otte@urw.com
Media RelationsTiphaine Bannelier-Sudérie+33 1 76 77 57
94tiphaine.bannelier-suderie@urw.com
(1) Subject to customary conditions precedent(2)
December 2018(3) Subject to the establishments of the closing
accounts
About Crédit Agricole AssurancesCrédit
Agricole Assurances, the leading insurer in France, unites together
Crédit Agricole’s insurance subsidiaries. The group offers a range
of savings, retirement, health, personal protection and property
insurance products and services. They are distributed by Crédit
Agricole Group banks in France and in 9 countries worldwide, by
wealth management advisors and general agents. The Crédit Agricole
Assurances companies serve individuals, professionals, farmers and
businesses. Crédit Agricole Assurances has 4,600 employees. It
reported 2018 revenues of €33.5 billion (IFRS).
About La Française
For more than 40 years, La Française has been
developing core competencies in third party asset management. La
Française has a multi-expertise business model organized around
four core activities: securities, real estate, investment solutions
and direct financing. The group caters to institutional and private
clients throughout the world. With 613 professionals and offices in
Paris, Frankfurt, Geneva, Hamburg, Stamford (CT, USA), Hong Kong,
London, Luxembourg, Madrid, Milan, Seoul and Singapore, La
Française manages close to €70bn in assets (as at 31/12/2019). The
real estate activities of La Française have been united under the
brand La Française Global Real Estate Investment Managers (GREIM).
This umbrella brand covers La Française REM (French leader in
collective real estate investments in terms of capitalization as at
30/06/2019 – Source: IEIF), La Française Real Estate Partners and
La Française Real Estate Partners International. La Française GREIM
has €23bn in assets under management (as at 31/12/2019) and offers
a complete range of tailored real estate solutions to investors
across the globe.
More information: www.la-francaise.com
About Unibail-Rodamco-Westfield
Unibail-Rodamco-Westfield is the premier global
developer and operator of Flagship destinations, with a portfolio
valued at €65.3 Bn as at December 31, 2019, of which 86% in retail,
6% in offices, 5% in convention & exhibition venues and 3% in
services. Currently, the Group owns and operates 90 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 3,600
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 €8.3 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.comVisit our Media Library at
https://mediacentre.urw.comFollow the Group updates on Twitter
@URW_group, Linkedin @Unibail-Rodamco-Westfield and
Instagram @urw_groupAccess the URW 2018 report at
https://report.urw.com/2018/
- 20200212 Disposal five French Assets
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