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HQ sale & leaseback puts URW nearer deleveraging target

7 Adenauer [Image: Francois Renault.]

Unibail Rodamco Westfield has agreed the sale of its Paris headquarters for €249 million.

The deal on 7 Adenauer in the 16th district will be a sale and leaseback and is expected to close in September.

The disposal is part of URW’s continued deleveraging process and the company signed a promissory deed for the sale in July.

The €249 million figure is the net disposal price of 7 Adenauer and reflects a premium to the last unaffected appraisal value, the firm said in its half year earnings report in which the sale was revealed.

Once the HQ sale is completed, together with other European disposals already announced, URW will have achieved €1.7 billion of the €4 billion debt reduction target it plans to have reached by the end of 2022.

A number of smaller disposals were also revealed in the earnings report including the sale of Le Blériot office building in Paris, the Q-Huset office building in Täby, near Stockholm, and a land plot in Osnabrück in Germany for a total of €63 million.