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23 August 2010
Unibail-Rodamco to pay E715m for Simon Ivanhoe's European portfolio
French-Dutch shopping centre REIT Unibail-Rodamco, the largest listed company in Europe, has confirmed speculation that it will buy part of Simon Property Group's European portfolio. It announced an agreement for payment of E715m for Simon Ivanhoe, a jointly held unit of Simon and Ivanhoe Cambridge, which holds shares in seven shopping centres in France and Poland. U-R has also entered a JV agreement for Simon and Ivanhoe Cambridge to jointly retain 50% interests in five French retail development projects which will now be developed by Unibail Rodamco. (See upcoming PIE editions for full story)