As part of the transaction, URW will continue to manage the center for a transition period of up to 24 months. The transaction is subject to standard conditions precedent and is expected to be completed during Q4-2024.
“Pasing is a prime retail property in Munich, Germany, attracting 10 million visitors annually. This transaction confirms the attractiveness of investors for high-quality shopping centers and the successful debt reduction of Unibail-Rodamco-Westfield,” says Paul Douay, Managing Director, Asset Management, for URW in Central Europe.
In addition, URW has made progress on the streamlining of its US Regional portfolio through the completion of the sale of Westfield Annapolis for 160 million dollars.
With these transactions achieved, URW has now secured 0.6 billion euros of transactions in 2024, which will reduce the Group’s proportionate net debt by the same amount.
