Westfield owner accelerates disposal programme as UK income declines
Source: Mintel 14-02-2020

UK 14-02-2020

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For the financial year ending 2019, Unibail-Rodamco-Westfield reported a 4.2% decline in like for like net rental income for its UK centres, making it the worst performing region across the group. However footfall for the UK centres through December were up 2.8% while tennant sales through the same period increased 4.7%.

The shopping centre landlord also announced it would be scaling back its development pipeline from €11.9bn (£9.9bn) to €8.3bn (£6.97bn) and had entered into a consortium with selected French investors in a bid to offload a 54.2% stake in five French shopping centres. The planned disposals are said to be “a critical part of its strategy of concentration, differentiation and innovation”.