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

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

The additional sales program would cover 42 shopping malls totaling seven million square feet that Unibail is looking to sell in a single block. The group previously said it aims to hold only 80-100 of its most profitable shopping malls by 2012. Since the 2007 merger of Unibail and Rodamco, it has sold some $5.6 billion of assets and cut the number of malls to 124 from 278. Its portfolio of shopping centres, offices and convention-exhibition venues was valued at $32.8 billion at the end of June. The asset sales carried out so far have enabled the group to return $2.5 billion to shareholders. A shareholders' meeting on Sept. 8 approved plans for a $28 per share capital reimbursement, to be paid on Oct. 12.