Unibail-Rodamco-Westfield sells partial stake in shopping centre Forum des Halles

Business

Forum des Halles, Paris. Credits: STEPHANE MOUCHMOUCHE / Hans Lucas / Hans Lucas via AFP

CDC Investissement Immobilier, a subsidiary of the French public sector financial institution Caisse des Dépôts (CDC), has acquired a 15 percent stake in Forum des Hall. The agreement signed with Unibail-Rodamco-Westfield (URW), the current owner of the iconic Parisian shopping centre, reflects a net sale amount of 235 million euros.

The transaction will result in a new structure. In the future, the asset will be held by a joint venture between Unibail-Rodamco-Westfield (50 percent), AXA IM Alts, the alternative investment subsidiary of the French insurance group AXA (35 percent), and CDC (15 percent), URW said in a press release.

The Unibail-Rodamco-Westfield group will continue to manage the asset, which will remain 100 percent consolidated by URW. It also indicates that it has completed 1.5 billion euros in transactions since the beginning of 2024. URW remains in discussions on other disposals as part of its debt reduction plan.

Unibail-Rodamco-Westfield currently operates 71 shopping centres across 12 countries, 39 of which bear the Westfield brand, such as the Forum des Halles Westfield. In the first half of 2024, the group announced an increase in retailer revenue of +4.2 percent and footfall of +2.9 percent compared to the first half of 2023. For the same period, it posted 217 million euros in signed guaranteed minimum rents, with an average rental gain on signed renewals and re-lets of +7.4 percent after indexation, reaching +11.9 percent for long-term leases.

This article originally appeared on FashionUnited.FR. It was translated to English using an AI tool called Genesis and edited by Rachel Douglass..

Shopping Centre

Unibail-Rodamco-Westfield

URW

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