Unibail-Rodamco-Westfield (ASX:URW) inked a deal to sell-off its Paris office tower Tour Ariane to sovereign wealth fund of Singapore, GIC, at a sale price of 464.9 Million Euros.
Tour Ariane is a 40-storey office building located in the prime location of La Defense business district in Paris. Its gross lettable area covering 64,500 sqm will provide greater accessibility and connectivity to GIC underpinned by additional benefits derived from Europeâs leading infrastructure project, Grand Paris.
In a market release GIC told that Tour Ariane is just few miles away from two main transport hubs that can be easily walked through saving commuting time of people. It also told that building is surrounded with multiple amenities making the life easier for people working there. Â
GIC further stated that quality space offered by Tour Ariane presents multiple long-term growth opportunities, which it expects to lock-in by making more investment in the enhancement of the asset. It has been informed that Baumont Real Estate Capital will act as a manger to the asset.
However, the completion of transaction remains pending, subject to satisfaction of certain conditions. It is expected to reach the final close by the fourth quarter of this year.
Unibail-Rodamco-Westfield stated this sale transaction form part of companyâs divestment program under which it aims to dispose-off â¬3 Billion European assets over the coming years. Since, 30 June 2018 more than 55% of this â¬3 Billion disposal programme has been agreed or completed, told URWâs management.
Further on the front of long-term environment sustainability, the company aims to create âbetter placesâ under its Better Places 2030 agenda. These places are targeted to meet the highest environmental standards in order to create better cities.
Ahead of releasing the news of Tour Ariane sell-off, Unibail-Rodamco-Westfield witnessed a downward trend in todayâs trading session. It adds to bearish market sentiments that URW has been experiencing lately on ASX. Today, 16 October 2018, share price of Unibail-Rodamco-Westfield fell 0.471% or $0.060 to close at $12.690. Since its listing on Australian Securities Exchange in May 2018, URW has seen a negative performance change of 13.32%. Whereas, today it traded at a PE of 26.750 x with market capitalization of $35.26 billion.
The Income available from dividends remains attractive for many investors.
We take a look at the best yields on the market and assess what they say about a companyâs prospect.
One Thing is certain, though, Australia interest rates are still low, making income difficult to come by and keeping the focus for many investors on high yielding stocks. Kalkineâs team of analysts bought you handpicked report for âTop 25 Dividend Stocks For 2018.â
ASX-relevant Special Reports are published year-round to provide a detailed analysis into an investing opportunity or a potential risk to your portfolio.
Click here to get your free report.
Disclaimer
The advice given by Kalkine Pty Ltd and provided on this website is general information only and it does not take into account your investment objectives, financial situation or needs. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. Kalkinemedia.com and associated websites are published by Kalkine Pty Ltd ABN 34 154 808 312 (Australian Financial Services License Number 425376). website), employees and/or associates of Kalkine Pty Ltd do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations.