As part of its debt-reduction plan, commercial real estate group Unibail-Rodamco-Westfield (URW) has announced the sale of a stake in its flagship shopping centre in France, Forum des Halles in Paris. French state investment bank Caisse des Dépôts has acquired a 15% share in the 77,600-square-metre property for €235 million, through its investment vehicle CDC Investissement Immobilier.

Following the deal, Forum des Halles will now be co-owned through a joint venture: URW retains a 50% stake, Axa IM Alts holds 35% on behalf of its clients, and CDC owns the remaining 15%. This operation values the iconic shopping centre at approximately €1.56 billion.

Opened in 1979 and extensively renovated in 2016, Forum des Halles hosts 149 stores and attracts 58.4 million visitors annually. Its tenant mix includes major brands such as Intersport, Stradivarius, H&M, Sephora, Fnac, Aroma-Zone, and Nike. The centre also features 30 restaurants and snack outlets, along with a UGC cinema, making it a hub for both shopping and leisure.

In a statement, URW highlighted that it has now “completed or secured €1.5 billion in transactions since the beginning of 2024,” which will significantly reduce the group’s net debt ratio. The company also disclosed ongoing negotiations for further asset sales, targeting long-term institutional partners that would allow URW to retain control of its properties while generating asset management and real estate management fees.

URW operates 71 shopping centres in 12 countries, with an average vacancy rate of 5.4%, drawing nearly 900 million visitors annually. In 2023, the group reported a 6.4% increase in tenant sales across its centres and a 4.9% rise in visitor numbers. Net rental income reached €2.03 billion, an 8% increase on a like-for-like basis compared to 2022.