UR PR Twilight 20150515 EN - V19


Paris, Amsterdam, May 15, 2015

Press Release Unibail-Rodamco SE announces the signature of an agreement with Canada Pension Plan Investment Board (CPPIB) pursuant to which CPPIB has agreed to acquire a 46.1% indirect stake in mfi AG

Today, Unibail-Rodamco announces an agreement to sell to CPPIB a 46.1% stake in mfi AG. CPPIB will pay the Group €394 Mnfor the equity stake and will also provide additional funding in support of mfi's financing strategies. The price reflects an implied net initial yield of 5.1% for mfi's portfolio and an average price of €5,000/m².
In June 2012, Unibail-Rodamco acquired from Perella Weinberg Real Estate Fund I, 51% of shares of a company which, at the time, owned 90.4% of mfi AG. On February 13, 2014, Unibail-Rodamco entered into a partnership with CPPIB on CentrO, one of Germany's largest and most successful shopping centres located in Oberhausen. Following transactions on July 2, 2014, and April 30, 2015, Unibail-Rodamco's stake in mfi currently amounts to 94.15%.
The Group and CPPIB have worked together since the closing of the CentrO acquisition on May 14,
2014. By strengthening its partnership with CPPIB in Germany, Unibail-Rodamco creates a unique opportunity to align the interests between CentrO and mfi. This transaction will bring most of the parties' shopping centres in Germany under one umbrella1. The new joint-venture will capitalize on Unibail-Rodamco's best in class operating management skills and CPPIB's extensive real estate
investment experience and access to global best practices.
CPPIB will appoint two representatives to the Supervisory Board of mfi. Pursuant to the joint-venture agreements, Unibail-Rodamco's stake in mfi will amount to 48.0% and mfi will remain fully consolidated. The impact of the proposed transaction was anticipated and is included in the 2015 full year recurring earnings per share guidance provided in January 2015.
The closing of the purchase and sale agreement is subject to customary conditions precedent, including regulatory approvals, and is expected to close in Q3 2015.
Christophe Cuvillier, CEO and Chairman of the Management Board of Unibail-Rodamco, said:

"We are delighted to further extend the partnership between Unibail-Rodamco and CPPIB in Germany which started in 2014 when Unibail-Rodamco acquired a stake in CentrO. This decision aligns the interests of Unibail-Rodamco and CPPIB and allows the CentrO team to contribute meaningfully to the further growth of mfi. Unibail-Rodamco and CPPIB are committed to grow the German business and

source new opportunities together."

Andrea Orlandi, Managing Director and Head of Real Estate Investments Europe CPPIB, said:

"This agreement allows CPPIB to build on our existing relationship with Unibail-Rodamco, Europe's premier shopping centre operator, through this new joint-venture in Germany. As a long-term investor,

this transaction provides us with the unique opportunity to achieve immediate scale in the retail sector

in Europe's largest economy."

For further information, please contact: Investor Relations

Julie Coulot
+33 1 76 77 57 22

Media Relations

Pauline Duclos-Lenoir
+33 1 76 77 57 94

About Unibail-Rodamco

Created in 1968, Unibail-Rodamco SE is Europe's largest listed commercial property company, with a presence in 12 EU countries, and a portfolio of assets valued at €346. billion as of December 31, 2014. As an integrated operator, investor and developer, the Group aims to cover the whole of the real estate value creation chain. With the support of its 2,085 professionals, Unibail-Rodamco applies those skills to highly specialised market segments such as large shopping centres of major European cities, and large offices and convention & exhibition centres in the Paris region.

The Group distinguishes itself through its focus on the highest architectural, city planning and environmental standards. Its long term approach and sustainable vision focuses on the development or redevelopment of outstanding places to shop, work and relax. Its commitment to environmental, economic and social sustainability has been recognised by inclusion in the DJSI (World and Europe), FTSE4Good and STOXX Global ESG Leaders indexes.

The Group is a member of the CAC 40, AEX 25 and EuroSTOXX 50 indices. It benefits from an A rating from Standard & Poor's and FitchRatings.

For more information, please visit our website: www.unibail-rodamco.com

1 Does not include the Group's interests in Ruhr-Park (Bochum) and Überseequartier (Hamburg).

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