Unibail-Rodamco-Westfield (URW) has completed the sale of the ‘V’ office building in Versailles, France, for €95 mln.
The sale price is line with the last unaffected appraisal value, delivering a double-digit initial rate of return and a net initial yield of 5.7%.
The deal, together with the sale of a property in Florida, the US, is part of the listed property group’s divestment programme that has so far generated €3.3 bn in total proceeds from its €4.0 bn European asset disposal programme.
Fabrice Mouchel, CFO of URW, said: ‘URW continues to achieve deleveraging progress, even in a more challenging financing environment. With these two transactions, we have now generated €4.7 bn in disposal proceeds since 2021 and consistently improving credit metrics. The group’s robust operational performance and strong liquidity position will allow us to complete our deleveraging programme, including a radical reduction of our US financial exposure, in a timely and disciplined manner.’
Designed by Christian de Portzamparc and delivered in 2019, Immeuble V is a 15,000+ m2 office building located in the heart of the business district of Versailles.
Its strategic location in front of Gare des Chantiers connects occupants to the main hubs in downtown Paris in less than 30 minutes.
Immeuble V features nearly 2,000 m2 of terraces and private gardens and offers a variety of food options and services.
The building holds an Excellent BREEAM construction sustainability rating.