Crédit Agricole Assurances to acquire a 45% stake in Shopping City Süd from Unibail-Rodamco-Westfield for $1.24bn.

Crédit Agricole Assurances, a provider of assurances services, agreed to acquire a 45% stake in Shopping City Süd, a shopping centre, from Unibail-Rodamco-Westfield, a global developer and operator of flagship destinations, for $1.24bn. Specifically, the two contractual partners have founded a joint venture in which URW will continue asset and property management as part of a long-term management contract. The transaction, including antitrust clearance, is expected to be completed in the third quarter of 2021.