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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 Europe’s 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 company’s divestment program under which it aims to dispose-off €3 Billion European assets over the coming years. Since, 30 June 2018 more than 55% of this €3 Billion disposal programme has been agreed or completed, told URW’s management.

Further on the front of long-term environment sustainability, the company aims to create ‘better places’ 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 today’s 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.

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