Unibail-Rodamco Agrees to Sell Mall in Nice to Allianz for EUR312.5 Million
November 10 2014 - 1:24AM
Dow Jones News
By Inti Landauro
PARIS-- Franco-Dutch real-estate company Unibail-Rodamco (UL.AE)
said Sunday it has agreed to sell its stake in a mall in Nice on
the French Riviera to German insurer Allianz AG for 312.5 million
euros ($391 million).
The mall, called Nicetoile, attracted 13 million visitors last
year.
Hammerson (HMSO.LN) will manage the mall and will invest 10% in
the project with Allianz.
Unibail-Rodamco expects to conclude the sale in the first
quarter of 2015 once it secures all regulation approvals.
The sale is part of a broader Unibail-Rodamco plan to sell
assets in France that was carried out in nine months instead of
five years, the company said.
-Write to Inti Landauro at inti.landauro@wsj.com
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