Unibail-Rodamco-Westfield Sells Stake in Jumbo
Finland Unibail-Rodamco-Westfield has sold its 34 percent stake in the shopping centre Jumbo in Helsinki to the co-owner Elo Mutual Pension Insurance Company. The net disposal price of EUR 248.6M represents a premium to the December 31, 2018, book value and implies a net initial yield of almost 5 percent.
Jumbo is one of the leading shopping centres in the Helsinki region with more than 85,000 sqm GLA and over 12 Mn visitors per year.
Following this transaction, URW's Nordics portfolio consists of 5 shopping centres of which 3 flagships.
"The success of this transaction shows the high quality of our assets, their attractiveness and their liquidity. This disposal will enable us to concentrate further on strategic assets in the Nordics with significant re-development and mixed-use opportunities," comments Lars-Åke Tollemark, Regional Managing Director Nordics for URW.