Market conditions slow URW’s disposal plan

Unibail-Rodamco-Westfield has sold €3.2bn (£2.8bn) of the €4bn of European assets it had slated for disposal. The shopping centre owner now expects to complete the programme next year, “given current market conditions”. In a trading update for Q3 released this morning, URW said turnover had increased by nearly 21% in the first nine months of 2022, rising to €2.24bn from €1.85bn for the equivalent nine months in 2021. Leasing activity was also up by 20%, with 554 deals signed in Q3. Chief executive Jean-Marie Tritant said: “We made further progress on our deleveraging programme with the disposal of Westfield Santa Anita in the US and the closing of five transactions in Europe. While market conditions may affect overall timing, we are committed to completing our deleveraging plan and are supported by a strong liquidity position and the robust operational performance of our assets.” Based on the performance of the first nine months of 2022, URW has upgraded its 2022 AREPS guidance from “at least €8.90 to at least €9.10 per share”, Tritant added. Tenant sales across the portfolio were also up, exceeding pre-pandemic performance.   To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews Photo © Dinendra Haria/Shutterstock