Stable start to the year for shopping center giant Unibail-Rodamco-Westfield

In a press release, the group's chairman of the board, Jean-Marie Tritant, welcomed "a robust operational performance in the first quarter, with sales and attendance up despite unfavorable calendar effects."

Sales in tenant stores increased by 2,1% over the year and footfall in shopping centers increased by 0,4%.

The vacancy rate of stores in their shopping centers stands at 5,3%.

URW is also pleased with the new leases signed between January and March, which represent €100,4 million in guaranteed minimum rents in the first quarter, to which is added a variable portion based on the turnover of each retailer.

This figure is up 1,3% compared to the first three months of 2024, and above all, these rents are 7,9% above the rents of previous leases, a sign of URW's ability to increase its rents and therefore maintain revenue growth.

Including URW's shopping centers, office buildings, hotels and exhibition centers, the group's total gross rental income reached €707 million in the first quarter, slightly below (-0,9%) the level for the first quarter of 2024.

Among its office assets, the Lightwell Tower located in the La Défense business district is now fully leased.

The Westfield Hamburg-Überseequartier complex in Germany opened in early April after complications led to several postponements and a project cost overrun of more than €500 million.

In the same sector, shopping center operator Klépierre reported a 3,5% increase in its net rental income for the first quarter on Thursday morning, "driven by the acquisition of RomaEst in the second quarter of 2024." On a like-for-like basis, the increase in net rental income was 2,9%.

Klépierre believes that "consumption in continental Europe is on the up" because "the potential impact of customs duties on supply chains should encourage brands to prioritize their activities in continental Europe."