Unibail inks €190m deal with Globalworth for Warsaw offices

Listed Polish property company Globalworth Poland has inked a €190 mln deal with Unibail-Rodamco-Westfield for its Skylight and Lumen office buildings in Warsaw.

According to Unibail, the price represents a premium to the book value as of 30 June 2018 and the transaction is expected to close by year end.

Representing a total GLA of 45,500 m², the Skylight and Lumen (pictured) properties are located in the central business district of Warsaw.

The transaction is part of the €3 bn European disposal programme to be executed over the next several years announced by Unibail on 12 December 2017. According to the firm, more than 62% of this programme has now been agreed or completed since 30 June, 2018.

However, not all sales have been proceeding as planned. News of the deal comes after Unibail's putative sale of a portfolio of three shopping centres in Germany fell through last week. The assets - including Palais Vest in Recklinghausen, Minto in Monchen-gladbach and Gera Arcade in Gera - provide around 124,000 m2 of retail space and were expected to fetch some €300 mln.

According to well-informed market sources, URW was in exclusive negotiations with an entity backed by Italian insurer Generali to sell the German properties in a process run by agent JLL. However, PropertyEU understands that the parties have now ended talks for reasons yet to be revealed and that URW is likely to break up the portfolio and market the assets separately due to the weak appetite for shopping centre portfolio deals in the country.


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