URW news and archive

URW secures new financing for Westfield Century City in LA

Property giant Unibail-Rodamco-Westfield (URW) has secured 925 million dollars in fresh funding for Westfield Century City in Los Angeles. The new financing is a two-year floating rate Commercial Mortgage-Backed Securities (CMBS) with the option for three one-year extensions with a spread of 280.7bps over Secured Overnight Financing Rate (SOFR)....

Business

URW sees slowdown in US fashion, but tenant sales are up

Retail giant Unibail-Rodamco-Westfield (URW) posted upbeat financials for the first half of 2023, as it welcomed an overall net rental income growth of 1.1 percent, bringing it to 1,152 million euros. While the group’s EBITDA also rose 1.6 percent to 1,157 million euros, its recurring net result increased 6.5 percent to 757 million euros....

Business

URW names new execs and management board members

Real estate company Unibail-Rodamco-Westfield (URW) has announced the appointment of two new members to its management board as it looks to “harness future growth”. Effective May 2, Anne-Sophie Sancerre will be stepping up from her current position of chief operating officer for Southern Europe to the group’s chief customer and retail officer....

Business

URW sells Los Angeles-based The Village, reduces US financial exposure

Retail park conglomerate Unibail-Rodamco-Westfield (URW) has completed the sale of its San Fernando Valley location The Village to the Kroenke Organisation, owner of NFL team the Rams. The Los Angeles-based retail park sold for a price of 325 million dollars, reflecting an initial yield of 5.6 percent on the in-place net operating income, and a...

Retail

URW reveals development plans for Westfield Old Orchard in Illinois

Unibail-Rodamco-Westfield (URW) has unveiled an array of development plans for its Westfield Old Orchard site in Skokie, Illinois. The company said the North Shore destination will be “unlike anything else in Chicagoland”, with a park, event space and various amenities to be added to the modernised retail centre. The multi-phase plan already...

Retail

URW sells Californian retail park for 537.5 million dollars

Unibail-Rodamco-Westfield (URW) has sold Westfield Santa Anita for 537.5 million dollars to a real estate investor who operates retail assets in Southern California. The sale was funded by the buyer through the combination of equity and new debt, reflecting a sub-six percent net initial yield and a 10.7 percent discount to the latest unaffected...

Retail

URW set to open three new Westfield flagships throughout Europe

Unibail-Rodamco-Westfield (URW) has announced it will be furthering the roll out of its Westfield brand into Spain, Sweden and Poland. In autumn, the retail group will be rebranding three of its centres into Westfield flagship stores, including Parquesur in Madrid, Taby Centrum in Stockholm and Galeria Mokotow in Warsaw. It comes as part of URW’...

Business

Westfield owner URW reports recovering Q3 sales

The owner of London’s Westfield shopping centre has reported improving sales in the third quarter of the year driven by the reopening of its locations in continental Europe. Property giant Unibail-Rodamco-Westfield (URW) said Thursday that tenant sales at its continental European centres were up 6 percent compared to a year ago, and 92 percent...

Business

Westfield owner URW announces 1.25 billion euro bond placement

The owner of London’s Westfield shopping centre has announced a 1.25 billion euro two-tranche bond placement to help it strength its liquidity position and extend its debt maturity. It includes a 650 million euro bond with a 7-year and 5-month maturity and a 0.75 percent fixed coupon, and a 600 million euro bond with a 12-year maturity and a...

BusinessFeatured

Westfield owner URW reports slump in Q1 turnover, but upbeat on reopened markets

The owner of London’s Westfield shopping centre said Thursday its first-quarter turnover remained “strongly impacted” by the ongoing pandemic. Property giant Unibail-Rodamco-Westfield (URW) reported a 40.8 percent drop in turnover on a proportionate basis to 566.7 million euros, down from 956.6 million euros last year, as store closures...

BusinessFeatured

Westfield owner to cut US presence, focus on UK estate

The owner of London’s Westfield shopping centre has said it is cutting down on its presence in the US and focusing on its UK estate as it navigates its way through the pandemic. Property giant Unibail-Rodamco-Westfield (URW), which has been heavily impacted throughout the year by global store closures, revealed Wednesday it made a recurring net...

People

Westfield owner URW names new group chief executive

Westfield owner URW has announced the appointment of Jean-Marie Tritant as chairman of the management board and group CEO, succeeding Christophe Cuvillier on 1 January. During a transition phase starting on 19 November, Tritant will hold the position of group chief operating officer. Tritant, who was most recently the president of the group’s US...