Tag Archives: Unibail-Rodamco

Unibail-Rodamco buys out Aupark

In the second major real estate transaction of the year in Slovakia, Unibail-Rodamco has bought out its JV partner in the highly successful Bratislava Aupark for €151m (before the deduction of the debt on the scheme). At the same time, the buyer purchased an adjacent development plot for €3m, land that could be used for the mall’s expansion. In all, the transaction has resulted in €120m in proceeds for HB Reavis. Aupark currently offers 52,300 sqm of retail space.


GTC sells its stake in Galeria Mokotów

Globe Trade Centre signed a preliminary agreement for the sale of its 50 percent stake in its Galeria Mokotów project based on an asset value of €475m. The purchaser is an affiliate of Unibail-Rodamco, which already owned the other half of the mall.

“The transaction is in line with the GTC’s strategy of rebalancing its property portfolio, including the sale of mature assets and reinvesting in further expansion. As the real estate investment market continues to improve, we proceed with the recycling of capital and we’re planning new investments in the commercial sector in Poland,” said Eli Alroy, Chairman of the GTC Supervisory Board.

Located in Warsaw, Galeria Mokotow was completed in 2000. The mall comprises 62,000 sqm of net rentable retail space.

No panic, despite Unibail Rodamco profit warning

Unibail Rodamco warned investors that its profits were likely to be flat in 2010, despite 7.1% growth for 2009, and its CEO Guillaume Poitrinal says this will be a transition year. Low inflation will curb rental growth while the sale of some assets will also push downwards on revenues. But despite the negative view the short-term stock market took on the news, most analysts seem to feel the company’s strong balance sheet will mean it can pounce on opportunities as they arise. Its net loss of €1.5bn was the result of a 15% mark down on the value of its portfolio, which now sits at €128 per share and earnings rose 7.1% to €9.20 per share.

“Unibail has become a proxy for people wanting to buy into European retail property,” says John Lutzius, managing director of Green Street Advisors in Europe.

Unibail did more than just weather the economic storm. While the company reported a net loss of €1.5 billion in 2009, the loss was caused by the technical effect of writing down the value of its property. The value of its property portfolio was €128.20 a share at the end of December, down 15% compared with the same period a year earlier. But excluding asset write-downs, earnings rose 7.1% to €9.20 a share on a like-for-like basis. Net rental income from its shopping centers rose 3.9% to €942 million.

Unibail-Rodamco lands Simon Ivanhoe’s portofolio at €715m

There’s been confirmation of a deal that CIJ reported was coming up in the January issue. Unibail-Rodamco has acquired the European portfolio of Simon Ivanhoe at a price of €715m. Simon Ivanhoe is a joint venture of Simon Property Group and Ivanhoe Cambridge.

The portfolio consists of six existing shopping centers in Poland and France, including Warsaw’s biggest mall, Arkadia, its retail area exceeding 100,000 sqm.

Unibail-Rodamco also entered into a 50-50 joint-venture agreement with Simon Ivanhoe in which Unibail-Rodamco will develop five retail projects in France. Click the link to see Unibail-Rodamco’s press release on the deal.