URW announced the sale of a 15% stake in Westfield Forum des Halles, a major 77,600 sq m shopping center in the heart of Paris, to CDC Investissement Immobilier, for a net sale price of 235 million euros.
This transaction marks a strong milestone in the Flagship shopping center investment market, showcasing
one of the most attractive and best-performing retail assets in the European market.
Going forward, the asset will be owned by a joint venture between URW (50%), AXA IM Alts acting on
behalf of clients (35%) and CDC (15%). URW will continue to manage the asset, which will remain fully
consolidated by URW.
URW has now completed or secured €1.5 Bn of transactions since the start of 2024, which will reduce the
Group’s proportionate net debt by the same amount. The Group remains in active discussions on further
disposals as part of its deleveraging plan, including through joint ventures with long-term institutional
partners that allow URW to retain control of its Flagship assets while generating asset and property
management fees.
CDC Investissement Immobilier, the property asset management subsidiary of Caisse des Dépôts, pursues
the active investment policy began in early 2024 for all segments of its diversified portfolio (more than
€10 Bn). It’s also the case for retail sector which exposure is above €1 Bn.
