PARIS-French-Dutch REIT Unibail-Rodamco, the largest listedproperty company in Europe, plans to sell $3.5 billion in assetsduring the next two years as it continues to adjust its portfolioto focus on large shopping centers.

At the time of first half results, the group said it sold $1.7billion of assets in the first half of the year, with a further$703 million of disposals expected in second half 2010. A spokesmansaid an additional $3.5 billion of asset sales is planned for 2011and 2012 but declined to confirm reports that BNP Paribas CorporateFinance has been mandated to handle the disposals.

The additional sales program would cover 42 shopping mallstotaling seven million square feet that Unibail is looking to sellin a single block. The group previously said it aims to hold only80-100 of its most profitable shopping malls by 2012. Since the2007 merger of Unibail and Rodamco, it has sold some $5.6 billionof assets and cut the number of malls to 124 from 278. Itsportfolio of shopping centres, offices and convention-exhibitionvenues was valued at $32.8 billion at the end of June. The assetsales carried out so far have enabled the group to return $2.5billion to shareholders. A shareholders' meeting on Sept. 8approved plans for a $28 per share capital reimbursement, to bepaid on Oct. 12.