Unibail-Rodamco-Westfield (URW) has entered an agreement with an institutional investor for the sale of Gera Arcaden, in Germany, for an agreed total of €116M (at 100 per cent, URW share 51 per cent), which represents a premium to the last appraised value.
The transaction is expected to complete in Q2-2022, subject to standard closing conditions.
Located in Gera, Germany, the shopping centre comprises 38,300sq m, and offers visitors a large choice of retailers and local and international dining options, from German to Asian to Italian cuisines.
Additionally, URW has entered into a management contract and will continue the asset and property management of the centre through its German third-party asset management business.
