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REAL ESTATE: Unibail (URWFP: Baa2/BBB+): Sale of 15% of Forum des Halles

REAL ESTATE
Credit BulletsCEEMEAEurozoneFranceBullet

Not a spread mover but good to see

  • Selling 15% stake in central Paris shopping centre to CDC for EUR 235m
  • Has completed or secured EUR 1.5bn sales since start of 2024 - proceeds will reduce proportionate net debt by same amount
  • Price was "in line with the last unaffected value"
  • In the context of Gross Market Value of EUR 49.6bn and net Financial Debt of EUR 20.4bn this sale is clearly not significant but points to overall solid management of the assets>
  • URW will retain 50% and continue to manage the asset which will remain fully consolidated.

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Not a spread mover but good to see

  • Selling 15% stake in central Paris shopping centre to CDC for EUR 235m
  • Has completed or secured EUR 1.5bn sales since start of 2024 - proceeds will reduce proportionate net debt by same amount
  • Price was "in line with the last unaffected value"
  • In the context of Gross Market Value of EUR 49.6bn and net Financial Debt of EUR 20.4bn this sale is clearly not significant but points to overall solid management of the assets>
  • URW will retain 50% and continue to manage the asset which will remain fully consolidated.

Link