40% drop in Unibail-Rodamco-Westfield turnover in the 1st quarter due to the Covid effect

Despite the gradual lifting of restrictions on non-essential shops in Britain, the Czech Republic, Denmark and the Netherlands in April, 51% of URW's shopping centers are currently still closed, the group said in a statement. communicated.

The turnover reached 566,7 M EUR against 956,6 M EUR (-40,8%) in the first quarter of 2020 when the results "had been marginally affected by the Covid-19, the main restrictions in the URW's key markets only intervened at the end of March ", indicates the group.

2021 "will remain a difficult year with heavier and longer restrictions which will affect the group beyond the first quarter", commented Jean-Marie Tritant, CEO of the group, whose congress and exhibitions branch is also at a standstill due to of the coronavirus.

If the vacancy rate of shops "has increased slightly", Mr. Tritant however sees "positive signals" for a return to normal once the restrictions are lifted.

"In March, sales in Spain, Austria and Sweden, where non-essential businesses were able to reopen, reached 81%, 79% and 76% respectively of 2019 levels," he noted.

In the United States, the markets where most of the restrictions were lifted recovered well in March and "some centers even exceeded pre-Covid levels", according to him.

In 2020, the net rents collected by URW in its shopping centers were down 26,4% to 1,79 billion euros.

Its recurring earnings per share, the industry benchmark, fell to EUR 7,28, a drop of 41% due to government restrictions linked to the coronavirus.

85% of URW's assets are retail, 8% offices, 5% conference and exhibition sites and 2% services.

The group has 87 shopping centers in Europe and the United States

It must sell part of its assets in Europe and significantly reduce its presence in the United States to bail out its debt.

On Wednesday, he announced the sale of 45% of his stake in a shopping center in Vienna and his gradual withdrawal from another center in Bratislava.