HCohen schreef op 9 januari 2025 20:50:
URW sells 25% stake in Centrum Cerný Most to Upvest and RSJ cdn.urw.com/-/media/Corporate~o~Sites... 09-01-2025
Investments
Unibail-Rodamco-Westfield (“URW” or “the Group”) today announces the sale of a 25% stake in Centrum
Cerný Most in Prague, Czech Republic, to Upvest and RSJ Investments (“the Partners”).
Centrum Cerný Most is one of the strongest and best performing destinations in Prague. The 85,000 sqm
shopping centre is currently being extended by 9,000 sqm, with new retail, dining and leisure facilities to
be delivered in 2026.
The transaction will establish a long-term joint venture, with the Partners having the option to acquire an
additional stake of up to 24% within the next two years based on the appraisal value at that time, taking
into account the benefit of the ongoing extension.
URW will continue to manage the asset, which will
remain fully consolidated by the Group, and will generate asset and property management fees. The transaction is achieved at an implied offer price of €553 Mn (at 100%),
in line with the last unaffected
book value. As part of the transaction, the asset has been financed with a green mortgage loan of up to €268 Mn, the
largest syndicated commercial real estate loan in the Czech market since 2023, that will be partly used to
finance the ongoing shopping mall extension.
The net debt reduction for URW amounts to c. €0.1 Bn. With this transaction, URW has now completed
or secured €1.6 Bn of transactions since January 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.