V office in Versailles sold for €95 million

The  office in Versailles

French commercial real estate company Unibail-Rodamco-Westfield (URW) has sold the V office building in Versailles for €95 million.

URW has also sold Westfield Brandon Shopping Centre in Brandon, Florida, the United States for $220 million.

Unibail-Rodamco-Westfield has now generated $1.6 billion (€1.4 Bn) in total proceeds from the planned radical reduction of its financial exposure to the US and completed €3.3 billion of its €4.0 billion European asset disposal programme.

Fabrice Mouchel, Chief Financial Officer of URW, says, “URW continues to achieve deleveraging progress,
even in a more challenging financing environment. With these two transactions, we have now generated
€4.7 Bn in disposal proceeds since 2021 and consistently improving credit metrics. The group’s robust
operational performance and strong liquidity position will allow us to complete our deleveraging
programme, including a radical reduction of our US financial exposure, in a timely and disciplined

For the V office, the sale price of €95 million is in line with the last unaffected appraisal value, delivers a double-digit IRR and a net initial yield of 5.7%. Constructed in 2019, V has 15,000 sqm (161,000 square feet) of space and
holds an Excellent BREEAM construction sustainability rating.

The sale price of Westfield Brandon, reflects a 10.0% net initial yield and a 4.4% discount to the latest unaffected appraisal. Westfield Brandon is an A-minus-rated 107,000 square metre property with occupancy at 84.5%.