In This Article:
Paris, October 24, 2024
Press release
UNIBAIL-RODAMCO-WESTFIELD Q3-2024 TRADING UPDATE
2024 AREPS expected at upper end of guidance
thanks to strong operating performance
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Strong operating performance in 9M-2024
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Tenant sales up +4.3% and footfall up +2.4%
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Like-for-like turnover1 and GRI2 up +9.1% and +6.3% respectively in 9M-2024 vs. 9M-2023
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Convention & Exhibition turnover up +48.3% driven by 2024 Paris Games and seasonality
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Robust retail leasing activity with €313.0 Mn MGR signed in 9M-2024 – uplift of +8.0% on top of indexed passing rents
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Westfield Rise revenues3 up +33.5% – on track to deliver €75 Mn net margin target in 2024
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Development and deleveraging progress
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Successful delivery of Lightwell office building in La Défense
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€0.8 Bn of disposal transactions completed or secured in 2024 to date (vs. €0.3 Bn at H1-2024), with €0.6 Bn of assets currently under active discussions
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Successful financing activity and ample liquidity
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€1.3 Bn new dual-tranche green bond issued in September at average coupon of 3.688%
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€13.5 Bn of available liquidity4 with refinancing needs secured for more than 36 months
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Positive outlook for full-year with AREPS expected at upper end of 2024 guidance
Commenting on the results, Jean-Marie Tritant, Chief Executive Officer, said:
“Thanks to continued strong operating performance, with a positive turnover trend across all activities, URW now expects to meet the higher end of its earnings guidance for 2024. This performance is supported by a dynamic leasing activity as retailers’ sales continue to be strong in URW’s shopping centres. It also reflects the growth of our European retail media activity, on track to achieve €75 million of net margin this year.
Q3 was a particularly strong period for our Convention & Exhibition business, boosted by the positive impact of the Paris 2024 Olympic and Paralympic Games, as well as positive seasonality with a significant number of biennial and triennial shows taking place this year.
We have now completed or secured €0.8 Bn in disposal transactions in 2024 as part of our ongoing deleveraging, and continue to make progress on our development pipeline, including the delivery of Lightwell, a low-carbon office regeneration project in Paris, La Défense, and the focus on the delivery of our Westfield Hamburg-Überseequartier project in late Q1-2025.”
For more information, please contact:
Investor Relations
Meriem Delfi
+33 7 63 45 59 77
investor.relations@urw.com
Gonzague Montigny
+33 6 10 95 85 84
investor.relations@urw.com
Media Relations
UK/Global:
Cornelia Schnepf – FinElk
+44 7387 108 998