Unibail-Rodamco-Westfield (URW) has announced that it has received a binding offer from Frey to acquire Polygone Riviera for a net disposal price of €272.3m at a 4% discount to last unaffected book value.
Polygone Riviera is a 77,100m2 (of which c. 71,000m2 owned by URW) open air shopping centre located in Cagnes sur Mer, France. It also includes a 10-screen multiplex cinema, a fitness centre a casino, and an open-air theatre.
The transaction is expected to be completed during Q4-2023.
About Unibail-Rodamco-Westfield Unibail-Rodamco-Westfield is an owner, developer and operator of sustainable, high-quality real estate assets in the most dynamic cities in Europe and the United States. The Group operates 74 shopping centres in 12 countries, including 39 which carry the iconic Westfield brand. These centres attract over 900 million visits annually and provide a unique platform for retailers and brands to connect with consumers. URW also has a portfolio of high-quality offices, 10 convention and exhibition venues in Paris, and a €3 Bn development pipeline of mainly mixed-use assets. Currently, its €51 Bn portfolio is 87% in retail, 6% in offices, 5% in convention and exhibition venues, and 2% in services (as at June 30, 2023). URW is a committed partner to major cities on urban regeneration projects, through both mixed-use development and the retrofitting of buildings to industry-leading sustainability standards. These commitments are enhanced by the Group’s Better Places 2030 agenda, which strives to make a positive environmental, social and economic impact on the cities and communities where URW operates
