URW Expands Stake in German Joint Venture

Unibail-Rodamco-Westfield (URW) has announced the acquisition of a 38.9% stake in URW Germany GmbH (URWG) from the Canada Pension Plan Investment Board (CPP Investments). This off-market transaction raises URW’s ownership in URWG to 89.9%. The deal is financed through the issuance of 3.254 million new URW shares, making up approximately 2.2% of the company’s post-deal share capital. The partners have the option to transfer the remaining 10.1% stake in 2025 for up to €65 million in cash.

URWG owns shopping centers in Germany, including Minto in Mönchengladbach and Höfe am Brühl in Leipzig. It holds €416 million in cash, bolstered by proceeds from selling Pasing Arcaden. The acquisition is expected to balance URW’s proforma IFRS LTV by approximately 20 bps and enhance its cash position, without affecting 2024 AREPS guidance.