The supervisory board of Unibail-Rodamco-Westfield has reiterated its commitment to a €9bn (£8.2bn) restructuring centred on a controversial equity raising, describing it as “the only credible response” to a challenging market.
URW announced its Reset plan in September, targeting €4bn in disposals and a €3.5bn equity raise among other measures to shore up the group’s balance sheet. Since then the group has confirmed a €620m sale of a Parisian office development.
However, the equity raise has been criticised by investors led by former chairman and chief executive of Unibail Léon Bressler, who have described it as “severely dilutive and unnecessary” and leaving the group “prisoner of its failed strategy that started with the acquisition of Westfield”.
