Westfield owner to raise £3.2bn as it posts improving sales & footfall
// Unibail-Radamco-Westfield says footfall & sales recovery in European centres improving since lockdowns
// UK Westfield footfall is in the 60%-70% range compared to last year with good week-on-week improvement
// However, UK tenant sales weaker than EU with a 70% drop in June followed by -47% in July & -34% in August
Unibail-Rodamco-Westfield has revealed plans to undergo a £3.2 billion capital raise after posting recovering footfall and sales figures across its European shopping centres.
The French shopping centre giant, which owns the two Westfield shopping centres in the UK, also announced Reset, a plan that is aimed at strengthening its balance sheet and increasing financial flexibility “to execute its long-term strategy”.
Across its Continental European shopping centres, Unibail-Radamco-Westfield said footfall was now in the 80 per cent to 90 per cent range of last year’s footfall figures…
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Shopping centre owner Unibail-Rodamco-Westfield has announced a €9bn (£8.2bn) programme of deals and disposals to boost its balance sheet during the Covid-19 pandemic.
The company said the deleveraging plan, which it has named “Reset”, will include a €3.5bn capital raising; €1bn of cash savings by limiting dividends; reducing development spending and non-essential capex by €800m; and selling €4bn-worth of assets between now and the end of 2021. Chief executive Christophe Cuvillier said the plans will allow URW to “embrace the changing retail environment through our flagship destination strategy and capitalise on our unmatched portfolio quality’s mixed-use potential”…